Core Viewpoint - As of August 1, 2025, Nanhua Futures (603093) closed at 21.88 yuan, down 4.12%, with significant net outflows from major and retail investors, indicating a bearish sentiment in the market [1][2]. Financial Performance - Nanhua Futures reported a main revenue of 534 million yuan for Q1 2025, a year-on-year decline of 46.2% [2]. - The net profit attributable to shareholders was 85.74 million yuan, showing a slight increase of 0.13% year-on-year [2]. - The company had a debt ratio of 89.41% and investment income of 15.49 million yuan [2]. Market Position - The total market capitalization of Nanhua Futures is 13.348 billion yuan, ranking 12th in the diversified financial industry [2]. - The company has a price-to-earnings (P/E) ratio of 38.92, which is significantly lower than the industry average of 176.52, ranking 14th [2]. - The net profit margin stands at 16.1%, compared to the industry average of 131.21%, ranking 15th [2]. Investor Sentiment - In the last 90 days, three institutions provided ratings for Nanhua Futures, with one buy rating and two hold ratings, indicating a cautious outlook [3]. - The average target price set by institutions over the past 90 days is 22.48 yuan [3]. Capital Flow Analysis - On August 1, 2025, major funds experienced a net outflow of 56.56 million yuan, accounting for 12.0% of the total transaction volume [1]. - Retail investors saw a net inflow of 88.31 million yuan, representing 18.73% of the total transaction volume, suggesting a divergence in investor behavior [1].

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core View - In the short term, there are still fluctuations in the price spreads among COMEX copper, LME copper, and SHFE copper, and the market needs 1 - 2 trading days to determine the reasonable range of the spreads. The extremely high copper inventory in the COMEX market may not flow out, and the quantity of imported copper in transit and in the fourth quarter in the US may be significantly affected. The price of SHFE copper is still closely linked to LME copper, and its price trend still depends on global macro - market policies and expected changes. Global tariff policies' impact on demand may cast a shadow over copper prices [3] Group 3: Copper Price and Volatility - The latest copper price is 78,040 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 11.64%, and the historical percentile of the current volatility is 22.6% [2] Group 4: Copper Risk Management Recommendations Inventory Management - For high finished - product inventory and concerns about price drops, with a long spot exposure, it is recommended to sell 75% of the SHFE copper main - contract futures at around 82,000 yuan/ton and sell 25% of the call option CU2509C82000 when the volatility is relatively stable [2] Raw Material Management - For low raw - material inventory and concerns about price increases, with a short spot exposure, it is recommended to buy 75% of the SHFE copper main - contract futures at around 75,000 yuan/ton [2] Group 5: Factors Affecting Copper Prices Bullish Factors - Sino - US tariff policy easing, lower LME inventory levels, and the US dollar index hovering at a low level [4] Bearish Factors - Tariff policy reversals, reduced global demand due to tariff policies, over - increase in the anti - involution event, and extremely high virtual inventory in COMEX due to US copper tariff policy adjustments [5][7] Group 6: Copper Futures and Spot Data Futures Data - The latest price of SHFE copper main contract is 78,040 yuan/ton with no daily change; SHFE copper continuous - one is 78,040 yuan/ton, down 890 yuan (-1.13%); SHFE copper continuous - three is 78,010 yuan/ton with no daily change; LME 3M copper is 9,803 US dollars/ton, up 40.5 US dollars (0.41%); the SHFE - LME ratio is 8.15, up 0.01 (0.12%) [6] Spot Data - The latest price of Shanghai Non - ferrous 1 copper is 78,565 yuan/ton, down 720 yuan (-0.91%); Shanghai Wumaotrade is 78,985 yuan/ton, down 115 yuan (-0.15%); Guangdong Southern Reserve is 78,890 yuan/ton, down 120 yuan (-0.15%); Yangtze Non - ferrous is 79,120 yuan/ton, down 150 yuan (-0.19%) [8] Group 7: Copper Warehouse Receipt and Inventory Data Warehouse Receipt Data - The total SHFE copper warehouse receipt is 18,083 tons, up 251 tons (1.41%); the total international copper warehouse receipt is 3,313 tons, down 1,354 tons (-29.01%) [14] Inventory Data - The total LME copper inventory is 127,625 tons, up 225 tons (0.18%); the total COMEX copper inventory is 253,431 tons, up 9,650 tons (3.96%) [16][18] Group 8: Copper Import and Processing Data - The copper import profit and loss is - 161.95 yuan/ton, up 151.48 yuan (-48.33%); the copper concentrate TC is - 42.75 US dollars/ton with no daily change [19]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Overnight oil prices declined, ending a three - day rally and correcting some risk premiums. Trump's extreme pressure may aim to promote a cease - fire between Russia and Ukraine, with a weak intention to block Russian oil and limited impact on the crude oil market. The short - term impact of geopolitical risk events on the crude oil market is limited and cannot reverse the overall trend. After the macro super - week, the market logic will shift more towards fundamentals. This week, focus on the August 3rd OPEC+ meeting and the subsequent reaction of the crude oil market [4]. 3. Summary by Relevant Catalogs 3.1.盘面动态 - As of the close, the September - delivered light crude oil futures price on the New York Mercantile Exchange dropped 74 cents, closing at $69.26 per barrel, a decline of 1.06%. The September - delivered London Brent crude oil futures price fell 71 cents, closing at $72.53 per barrel, a decline of 0.97%. The night - session SC crude oil main contract closed down 0.71%, at 528 yuan per barrel [3]. 3.2.市场动态 - The EIA crude oil inventory increase in the US for the week ending July 25 was the largest since the week ending January 31, 2025, and the EIA gasoline inventory decline was the largest since the week ending April 25, 2025. In May, US oil production reached a record 13.49 million barrels per day, and the supply of crude oil and petroleum products in May both rose to the highest level since January [5]. - The US Middle East envoy met with Netanyahu to discuss issues such as a cease - fire agreement in Gaza. On July 31, the US Middle East envoy Witkoff visited Israel and met with Prime Minister Netanyahu. They will mainly discuss the Gaza cease - fire agreement, the current humanitarian situation in Gaza, and the Iranian nuclear issue. Witkoff also plans to go to Gaza [5]. - Sources said that in the past week, Indian state - owned refiners stopped buying Russian oil due to reduced discounts and Trump's tariff threats. It is necessary to focus on the shipping dynamics of Russian crude oil, as well as the changes in its in - transit crude oil and floating storage inventory. The pressure exerted by the US on Russia has begun to have an impact, but the extent and duration of this impact need further observation. Market concerns will support the crude oil market in the short term [5]. - The US core PCE inflation annual rate unexpectedly rebounded to 2.8% in June, while consumer spending almost stagnated. After the release of the June PCE indicators last night, the probability of the Federal Reserve cutting interest rates in September further decreased, from nearly 70% to below 40%. If Trump wants to push the Federal Reserve to cut interest rates, he must effectively control energy prices, especially oil prices [5]. 3.3.全球原油盘面价格及价差变动 - Provided price and spread data of various crude oils (Brent, WTI, SC, Dubai, Oman, Murban) on July 31, 30, and 24, 2025, including daily and weekly price changes and differences between different contracts [6].

南华期货硅产业链企业风险管理日报 2025年07月31日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 工业硅&多晶硅期货价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 日涨跌 | 当前波动率历史百分位（3年） | 日涨跌 | | --- | --- | --- | --- | --- | --- | | 工业硅主力合约 | 强支撑位8300 | 41.9% | -0.09% | 96.6% | -0.2% | | 多晶硅主力合约 | 宽幅震荡 | 48.75% | 2.83% | 85.61% | 1.6% | source： 南华研究,同花顺 工业硅&多晶硅风险管理策略建议 | 行 | | | | | | | --- | --- | --- | --- | --- | --- | | 为 导 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | | 向 | | | | | | | 库 | | 为了防止存货减值，根据企业库存情况，做空期货来 ...

Report Industry Investment Rating - No relevant content provided Core View - The oil - chemical sector stood out today as other sectors weakened, due to crude oil rebound and asphalt fundamentals. The price of crude oil rebounded as the market refocused on sanctions against Russian oil and it was at the end of the peak - demand season. The so - called "anti - involution" had no obvious positive impact on domestic refineries, resulting in the reversal of the premium, which couldn't be reflected in asphalt. In the asphalt supply side, production decreased slightly as some refineries shut down or switched to producing residual oil. In terms of inventory, factory inventories decreased while social inventories decreased slowly. Speculative demand weakened, and traders started to reduce their inventories actively. The basis in Shandong and East China weakened due to the expected increase in the operating rate, and the crack spread remained high. Currently, the demand side is still in the off - season affected by rainfall, and the overall fundamentals have weakened month - on - month. In the short term, the absolute price is in a volatile trend because of the strong performance of crude oil on the cost side, and the month - spread, basis, and crack spread have all weakened to some extent. In the long - term, as construction conditions improve in the north and south in August, the construction will enter the peak season. The debt - resolution progress of local governments in 2025 is accelerating, and the funds situation has improved. As it is the final stage of the "14th Five - Year Plan", the number of projects is guaranteed, so the peak season is still worth looking forward to. The short - term "anti - involution" has little impact on the cost side of asphalt, and attention should be paid to the progress of specific measures for the asphalt industry chain. There are also rumors about the consumption tax pilot reform in an individual refinery in Shandong, and its progress should be monitored [2] Summary According to Relevant Catalogs 1. Asphalt Price and Volatility - The predicted monthly price range of the asphalt main contract is 3400 - 3750, with a current 20 - day rolling volatility of 22.30% and a historical percentile of 8.95% over the past 3 years [1] 2. Asphalt Risk Management Strategy - **Inventory Management**: For companies with high finished - product inventories worried about price drops, they can short the bu2509 asphalt futures according to their inventory levels to lock in profits and cover production costs. The recommended selling ratio is 25%, and the suggested entry price range is 3650 - 3750 [1] - **Procurement Management**: For companies with low regular procurement inventories that want to purchase based on orders, they can buy the bu2509 asphalt futures at present to lock in procurement costs in advance. The recommended buying ratio is 50%, and the suggested entry price range is 3300 - 3400 [1] 3. Asphalt Price and Basis Crack Spread - 09 Contract - **Spot Prices**: On July 31, 2025, the Shandong spot price was 3785 yuan/ton (unchanged from the previous day and the week), the Yangtze River Delta spot price was 3780 yuan/ton (unchanged), the North China spot price was 3730 yuan/ton (up 10 yuan from the previous day and the week), and the South China spot price was 3600 yuan/ton (up 20 yuan from the previous day and 10 yuan from the week) [1][5][8] - **Basis**: The Shandong spot 09 basis was 126 yuan/ton (down 9 yuan from the previous day and 57 yuan from the week), the Yangtze River Delta spot 09 basis was 121 yuan/ton (down 9 yuan from the previous day and 57 yuan from the week), the North China spot 09 basis was 71 yuan/ton (up 1 yuan from the previous day and down 47 yuan from the week), and the South China spot 09 basis was - 59 yuan/ton (up 11 yuan from the previous day and down 47 yuan from the week) [8] - **Crack Spread**: The Shandong spot crack spread against Brent was 131.7688 yuan/barrel (unchanged from the previous day and down 28.037 yuan from the week), and the futures main contract crack spread against Brent was 109.9345 yuan/barrel (up 1.5596 yuan from the previous day and down 18.1595 yuan from the week) [8] 4. Factors Affecting Asphalt Price Bullish Factors - Asphalt factory inventories are under little pressure, providing a basis for manufacturers to hold up prices [3] - There is a seasonal peak in demand [3] - The operating rate is at a low level, and there is an expectation of catch - up construction in the south [3] - The "anti - involution" atmosphere has created a strong expectation of capacity reduction [3] Bearish Factors - Recently, the arrival of Venezuelan crude oil (Merey) in China has increased [7] - The short - term demand in the south is dragged down by the plum - rain season [7] - The reduction of social inventories has slowed down, and the basis has weakened [7] - The consumption tax reform in Shandong may drive up the operating rate [7]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Last week, the main coal and coking contracts hit the daily limit continuously, and the short - term price deviated from the fundamentals. The Dalian Commodity Exchange took position - limit measures for coking coal. The market sentiment cooled down significantly at the beginning of the week, but the overall upward trend remained unchanged. The "anti - involution" policy expectation supported commodity prices, and the pre - parade production restrictions provided a floor for the prices of the black series. In the short term, coal and coking prices were likely to rise rather than fall. It was necessary to be vigilant against the callback risk caused by the macro - policy falling short of expectations. In terms of operation, due to the intense capital game, it was recommended to wait and see for unilateral trading, and to focus on the reverse spread of coking coal 9 - 1 for arbitrage [4]. 3. Summary by Relevant Catalogs 3.1 Price Forecast and Strategy - **Price Forecast**: The monthly price range forecast for coking coal is 1030 - 1300, with a current 20 - day rolling volatility of 32.68% and a historical percentile of 63.87%. For coke, the price range is 1350 - 1800, with a current 20 - day rolling volatility of 25.37% and a historical percentile of 49.13% [3]. - **Risk Management Strategy**: For the arbitrage scenario of inter - month arbitrage with no spot exposure, it is recommended to short the spread between coking coal contracts 9 - 1 (jm2509&jm2601), with a selling direction and a suggested entry range of (-40, -30) [3]. 3.2 Black Warehouse Receipt Daily Report - **Inventory Changes**: On July 29, 2025, compared with July 28, 2025, the inventory of rebar increased by 594 tons to 85034 tons; the inventory of hot - rolled coils decreased by 590 tons to 57772 tons; the inventory of iron ore remained unchanged at 3400 hands; the inventory of coking coal decreased by 500 hands to 0 hands; the inventory of coke remained unchanged at 760 hands; the inventory of ferrosilicon decreased by 6 sheets to 22003 sheets; and the inventory of silicomanganese decreased by 454 sheets to 78736 sheets [3]. 3.3 Analysis of Core Contradictions - **Market Trend**: The short - term price of coal and coking deviated from the fundamentals, but the overall upward trend remained. The "anti - involution" policy expectation and pre - parade production restrictions supported the prices, making them likely to rise. However, there was a risk of callback due to macro - policy falling short of expectations. It was recommended to wait and see for unilateral trading and focus on the reverse spread of coking coal 9 - 1 for arbitrage [4]. 3.4 Interpretation of Bullish and Bearish Factors - **Bullish Factors**: The expectation of "anti - involution" in coal mines still exists, and the production increase space of mines in the second half of the year may be limited; downstream steel mills have good profits, providing a basis for raw material price increases; the Fourth Plenary Session in October [5]. - **Bearish Factors**: The import profit of overseas coal has recovered, and there will be pressure on subsequent arrivals; the customs clearance of Mongolian coal has resumed, with more than 1000 trucks per day currently; off - balance - sheet inventory of futures and spot has flowed into the market, putting pressure on spot prices [5]. 3.5 Coal and Coking Prices - **Warehouse Receipt Cost and Basis**: The document provides the warehouse receipt cost and basis data of coking coal (including different varieties such as Tangshan Mongolian 5) and coke (including different delivery methods and regions). For example, the warehouse receipt cost of Tangshan Mongolian 5 coking coal is 1008, and the main basis is - 109.5 [7]. - **Spot Price**: The document shows the spot prices of various coal and coking products on July 30, 2025, July 29, 2025, and July 23, 2025, as well as their daily and weekly changes. For example, the ex - factory price of Anze low - sulfur main coking coal is 1450 yuan/ton, with no daily change and a weekly increase of 70 yuan/ton [8]. - **Profit**: Data on import profits of various types of coal (such as Mongolian coal, Australian coal, and Russian coal), export profits of coke, and coking profits are provided. For example, the import profit of long - term contract Mongolian coal is 368 yuan/ton, with a daily decrease of 28 yuan/ton and a weekly increase of 162 yuan/ton [8].

嘿，我是帮主郑重。二十年盯盘练就一双"透视眼"，今天这行情啊，表面是沪指红彤彤涨了0.17%，深成指和创业板却绿得发慌，活脱脱一场"指数分裂大 戏"！两市3500多只票往下掉，成交额却放量到1.87万亿——钱没跑，只是在搬家！ 先说盘面"明牌"： • 影视股爆发：暑期档票房破百亿+AI影视制作技术落地，双重催化让冷门板块秒变香饽饽； • 三胎异动：地方生育补贴政策密集出台，游资在博弈"政策加码预期"； • 科技分化：光刻机龙头张江高科盘中冲高8%却回落（收盘涨7.06%），资金分歧大到能撑船！有机构锁仓，也有游资做T，这种票只适合"波段高手"。 帮主视角：中长线布局正当时！ 二十年经验告诉我：震荡市才是黄金矿！三条主线已清晰： 1. 硬科技卡脖子突围：光刻机、AI芯片（如张江高科）调整到30日线就是机会，国产替代是十年剧本； 2. 消费复苏暗线：影视、母婴等低位板块，靠的是"情绪修复+业绩拐点"双击； 影视院线成了全场最靓的仔！幸福蓝海直接20cm涨停，金逸影视、慈文传媒紧随其后封板。三胎概念也蹦跶起来，贝因美、泰慕士这些老面孔涨停，政策 预期还在发酵，但别追高，小心"一日游"陷阱。 再看"暗流"涌动： 电池 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The supply side of asphalt has slightly declined due to the shutdown of some refineries and the conversion to producing residual oil. In terms of inventory structure, factory warehouses are reducing inventory while social warehouses are slow in destocking. Speculative demand is weakening, and traders are actively reducing inventory. The basis in Shandong and East China has weakened due to the expected increase in the operating rate, but the cracking spread remains high. Currently, the demand side is still in the off - season due to rainfall, and the overall fundamentals have weakened month - on - month. On a single - side basis, the absolute price shows a volatile trend because the cost - end crude oil performs strongly, and the month - spread, basis, and cracking have all weakened to a certain extent. In the medium - to - long - term, the demand side will enter the peak season as the construction conditions improve in the north and south in August. The debt - resolution progress of local governments in 2025 is accelerating, and the funds are alleviated. As it is the final stage of the "14th Five - Year Plan", the number of projects is guaranteed, so the peak season is still expected. The short - term "anti - involution" has little impact on the asphalt cost side, and follow - up attention should be paid to the progress of specific measures for the asphalt industry chain. There are also rumors of consumption tax pilot reform in an individual refinery in Shandong, and its progress should be monitored [2] Summary by Related Catalogs Asphalt Price and Volatility - The predicted monthly price range of the asphalt main contract is 3400 - 3750, with a current 20 - day rolling volatility of 22.30% and a historical percentile (3 - year) of 8.95% [1] Asphalt Risk Management Strategy - **Inventory Management**: When the finished - product inventory is high and there are concerns about asphalt price drops, for enterprises with long spot exposure, they can short the asphalt futures (bu2509) according to their inventory situation to lock in profits and make up for production costs. The recommended selling ratio is 25%, and the suggested entry range is 3650 - 3750 [1] - **Procurement Management**: When the regular procurement inventory is low and enterprises hope to purchase according to order situations, for those with short spot exposure, they can buy asphalt futures (bu2509) at present to lock in procurement costs in advance. The recommended buying ratio is 50%, and the suggested entry range is 3300 - 3400 [1] Market Data of Asphalt Price and Basis - **Spot Price**: On July 30, 2025, the Shandong spot price was 3785 yuan/ton (a daily increase of 10 yuan/ton and a weekly decrease of 60 yuan/ton), the Yangtze River Delta spot price was 3780 yuan/ton (no daily or weekly change), the North China spot price was 3720 yuan/ton (a daily increase of 10 yuan/ton and a weekly decrease of 10 yuan/ton), and the South China spot price was 3580 yuan/ton (no daily or weekly change) [3] - **Spot 09 Basis**: On July 30, 2025, the Shandong spot 09 basis was 166 yuan/ton (a daily increase of 10 yuan/ton and a weekly decrease of 85 yuan/ton), the Yangtze River Delta spot 09 basis was 161 yuan/ton (no daily or weekly change), the North China spot 09 basis was 101 yuan/ton (a daily increase of 10 yuan/ton and a weekly decrease of 35 yuan/ton), and the South China spot 09 basis was - 39 yuan/ton (no daily or weekly change) [3][6] - **Cracking Spread**: On July 30, 2025, the Shandong spot cracking spread against Brent was 133.3921 yuan/barrel (a daily increase of 1.7329 yuan/barrel and a weekly decrease of 41.7873 yuan/barrel), and the futures main contract cracking spread against Brent was 104.6263 yuan/barrel (no daily change and a weekly decrease of 27.0577 yuan/barrel) [6] Factors Affecting the Asphalt Market - **Positive Factors**: The pressure on asphalt factory warehouses is small, providing a basis for manufacturers to support prices; there is a seasonal peak in demand; the operating rate is at a low level, and there is an expectation of rush - work in the south; the "anti - involution" atmosphere is strong, and there is a strong expectation of capacity reduction [3][5] - **Negative Factors**: The arrival of Venezuelan heavy crude oil (Merey) in recent days has increased; the short - term plum rain season in the south has dragged down demand; the destocking of social warehouses has slowed down, and the basis has weakened; the consumption tax reform in Shandong may drive up the operating rate [5]

Market Overview - The three major A-share indices showed mixed performance on the morning of the 30th, with the Shanghai Composite Index rising by 0.52%, while the Shenzhen Component Index and the ChiNext Index fell by 0.06% and 0.71% respectively [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1,102.2 billion yuan, a decrease of 43.6 billion yuan compared to the previous day [2] Sector Performance - The innovative drug and film industry sectors experienced gains, with stocks such as Nanjing New Pharmaceutical and Happiness Blue Sea hitting the daily limit of 20% [2] - The battery sector faced adjustments, with companies like Xinyu Ren and Zhengye Technology dropping over 5% [2] - The digital currency sector weakened, with Dongxin Peace falling more than 8% [2] - The diversified financial sector also saw fluctuations, with companies like Nanhua Futures and Zhongyou Capital declining over 5% [2]

Report Industry Investment Rating No relevant information provided. Core View of the Report - The medium- to long-term trend of precious metals may be bullish. In the short term, the volatility of London gold has increased. Given the upcoming significant events and data this week, market fluctuations may intensify. For London gold, the support level is at the 3300 mark, and resistance levels are at 3350, 3370, and 3400. For London silver, the support range is 37.8 - 38, and resistance levels are at 38.3, 38.7, 39, and 39.5. The operation strategy is to buy on dips [4]. Summary by Related Catalogs Market Review - On Tuesday, the precious metals market stopped falling and fluctuated. The US dollar index rose, the yield of the 10Y US Treasury bond dropped significantly, the US stock market pulled back, the European stock market rose, the Chinese stock market was relatively strong, Bitcoin fluctuated, and crude oil prices rose due to the US threat to impose tariffs on Russia if the cease - fire agreement deadline is advanced to August 8. The COMEX gold 2512 contract closed at $3383 per ounce, up 0.48%; the US silver 2509 contract closed at $38.385 per ounce, up 0.43%. The SHFE gold 2510 main contract was at 771.44 yuan per gram, down 0.24%; the SHFE silver 2510 contract was at 9195 yuan per kilogram, down 0.33% [2]. Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations fluctuated slightly. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July was 97.4%, and the probability of a 25 - basis - point cut was 2.6%. In September, the probability of unchanged rates was 34.6%, the probability of a cumulative 25 - basis - point cut was 63.7%, and the probability of a cumulative 50 - basis - point cut was 1.7%. In October, the probability of unchanged rates was 15.7%, the probability of a cumulative 25 - basis - point cut was 47.9%, the probability of a cumulative 50 - basis - point cut was 35.5%, and the probability of a cumulative 75 - basis - point cut was 0.9%. The SPDR Gold ETF holdings remained at 956.23 tons, and the iShares Silver ETF holdings increased by 14.13 tons to 15173.92 tons. SHFE silver inventory decreased by 3.4 tons to 1204.9 tons, and SGX silver inventory increased by 56.4 tons to 1368.4 tons in the week ending July 25 [3]. This Week's Focus - This week has a dense schedule of data, including end - of - month and beginning - of - month important US PCE, non - farm payroll reports, ISM manufacturing PMI, etc. In terms of events, the Bank of Canada will announce its interest rate decision and monetary policy report at 21:45 on Wednesday. The Fed FOMC will announce its interest rate decision at 02:00 on Thursday, and Fed Chairman Powell will hold a monetary policy press conference at 02:30. The Bank of Japan will announce its interest rate decision and economic outlook report on Thursday afternoon [4]. Price and Spread Data - SHFE gold main - continuous contract was at 771.44 yuan per gram, down 0.43%; SGX gold TD was at 767.19 yuan per gram, down 0.57%; CME gold main contract was at $3325.3 per ounce, up 0.34%. SHFE silver main - continuous contract was at 9195 yuan per kilogram, down 0.18%; SGX silver TD was at 9163 yuan per kilogram, down 0.25%; CME silver main contract was at $38.385 per ounce, up 0.14%. The SHFE - TD gold spread was 4.25 yuan per gram, up 32.81%; the SHFE - TD silver spread was 32 yuan per kilogram, up 30%. The CME gold - silver ratio was 86.6302, up 0.2% [5][6]. Inventory and Position Data - SHFE gold inventory was 31263 kilograms, up 3.32%; CME gold inventory was 1187.1127 tons, up 0.35%; SHFE gold position was 212407 lots, up 1.3%; SPDR gold position was 956.23 tons, unchanged. SHFE silver inventory was 1204.866 tons, down 0.28%; CME silver inventory was 15623.181 tons, up 0.12%; SGX silver inventory was 1368.435 tons, up 4.3%; SHFE silver position was 392743 lots, down 1.43%; SLV silver position was 15173.916734 tons, up 0.09% [11]. Stock, Bond, and Commodity Overview - The US dollar index was 98.9021, up 0.25%; the US dollar against the Chinese yuan was 7.1812, unchanged. The Dow Jones Industrial Average was 44632.99 points, down 0.46%; WTI crude oil spot was $69.21 per barrel, up 3.75%; LmeS copper 03 was $9803 per ton, up 0.41%. The 10Y US Treasury bond yield was 4.34%, down 1.81%; the 10Y US real interest rate was 1.91%, down 3.54%; the 10 - 2Y US Treasury bond yield spread was 0.48%, down 5.88% [15].