Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Copper prices recently rose and then fell. The rise was due to the positive impact of domestic anti - involution on commodities and increased copper demand expectations from the Yajiang Hydropower Station project. However, the short - term impact of these two factors on copper should be limited. The increase may be due to funds overflowing from other sectors. In the short term, as the anti - involution hype fades, copper prices may decline slightly. This week is a macro super - week with significant events that will cause large price fluctuations in the last week of July [3]. 3. Summary by Related Catalogs Copper Price Volatility and Risk Management - The latest copper price is 78,840 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]. - For inventory management with high finished - product inventory, it is recommended to sell 75% of the Shanghai copper main - contract futures at around 82,000 yuan/ton and sell 25% of the CU2509C82000 call options when volatility is relatively stable. For raw material management with low raw - material inventory, it is recommended to buy 75% of the Shanghai copper main - contract futures at around 75,000 yuan/ton [2]. Copper Futures and Spot Data - **Futures Data**: The latest price of the Shanghai copper main contract is 78,840 yuan/ton with no daily change; the Shanghai copper continuous - one contract is 78,840 yuan/ton, down 160 yuan (-0.2%); the Shanghai copper continuous - three contract is 78,820 yuan/ton with no daily change. The LME copper 3M price is 9,803 dollars/ton, up 40.5 dollars (0.41%), and the Shanghai - London ratio is 8.12 with no daily change [2][5][7]. - **Spot Data**: The latest price of Shanghai Non - ferrous 1 copper is 79,025 yuan/ton, down 50 yuan (-0.06%); Shanghai Wumaomao is 78,985 yuan/ton, down 115 yuan (-0.15%); Guangdong Nanchu is 78,890 yuan/ton, down 120 yuan (-0.15%); Yangtze Non - ferrous is 79,120 yuan/ton, down 150 yuan (-0.19%) [9]. Factors Affecting Copper Prices - **Likely Positive Factors**: Sino - US tariff policy easing, lower LME inventory levels, and the US dollar index hovering at a low level [4][6]. - **Likely Negative Factors**: Tariff policy fluctuations, reduced global demand due to tariff policies, and the over - increase in copper prices caused by the anti - involution event [6]. Copper Inventory Data - **SHFE Warehouse Receipts**: The total Shanghai copper warehouse receipts are 18,083 tons, up 251 tons (1.41%); the total international copper warehouse receipts are 3,313 tons, down 1,354 tons (-29.01%) [15]. - **LME Copper Inventory**: The total LME copper inventory is 127,625 tons, up 225 tons (0.18%); the registered warehouse receipts are 108,225 tons, down 1,900 tons (-1.73%); the cancelled warehouse receipts are 19,400 tons, up 2,125 tons (12.3%) [17]. - **COMEX Copper Inventory**: The total COMEX copper inventory is 253,431 tons, up 9,650 tons (3.96%); the registered warehouse receipts are 109,453 tons, up 1,404 tons (0.36%); the cancelled warehouse receipts are 143,978 tons, up 2,223 tons (1.57%) [20]. Copper Import and Processing Data - The copper import profit and loss is - 316.42 yuan/ton, down 25.16 yuan (-7.37%); the copper concentrate TC is - 42.75 dollars/ton with no daily change [21].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The recent rise in tin prices was mainly due to the boost to the non - ferrous metals sector from anti - involution, with no significant change in its own fundamentals. Given the oligopoly in the upstream and its suppression of the downstream, the price increase is understandable. In the short term, as the anti - involution hype fades, tin prices may decline slightly. Investors should also note the impact of various macro events in the last week of July on tin prices [3] 3. Summary by Relevant Catalogs 3.1 Price and Volatility - The latest closing price of tin is 266,660 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2] 3.2 Risk Management Suggestions - **Inventory Management**: For high finished - product inventory and fear of price drops, sell 75% of Shanghai Tin main futures contracts at around 275,000 yuan/ton and 25% of call options (SN2509C275000) when volatility is appropriate [2] - **Raw Material Management**: For low raw - material inventory and fear of price increases, buy 50% of Shanghai Tin main futures contracts at around 230,000 yuan/ton and 25% of put options (SN2509P245000) when volatility is appropriate [2] 3.3 Factors Affecting Prices - **Positive Factors**: Sino - US tariff policy relaxation, the semiconductor sector still in an expansion cycle, and Myanmar's production resumption falling short of expectations [4] - **Negative Factors**: Tariff policy reversals, Myanmar's tin ore flowing into China, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [4] 3.4 Futures and Spot Market Data - **Futures**: The closing prices of Shanghai Tin main, continuous - first, and continuous - third contracts are 266,660 yuan/ton, 266,660 yuan/ton, and 266,930 yuan/ton respectively, with no daily change. LME Tin 3M is at 33,620 US dollars/ton, down 50 US dollars (-0.15%). The Shanghai - London ratio is 7.98, up 0.04 (0.5%) [5] - **Spot**: The price of Shanghai Non - ferrous tin ingots is 266,100 yuan/ton, down 200 yuan (-0.08%); 1 tin premium is 700 yuan/ton, up 200 yuan (40%); 40% and 60% tin concentrates are at 254,100 yuan/ton and 258,100 yuan/ton respectively, down 200 yuan (-0.08%); prices of various solder products remain unchanged [9] 3.5 Import and Processing Data - Tin import loss is 17,714.03 yuan/ton, with a daily change of 1,360.71 yuan (-7.13%). The processing fees for 40% and 60% tin ores are 12,200 yuan/ton and 10,550 yuan/ton respectively, with no daily change [14] 3.6 Inventory Data - Shanghai Futures Exchange tin inventory: The total warehouse receipt quantity is 7,529 tons, up 160 tons (2.17%); 4,833 tons in Guangdong, up 62 tons (1.3%); 1,821 tons in Shanghai, up 104 tons (6.06%). LME tin inventory is 1,820 tons, up 80 tons (4.6%) [19]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The BPI and BSI freight rate indices continued to decline in the current week, but the increase in the BCI freight rate index drove the BDI comprehensive freight rate index to strengthen. The shipping volumes of corn, soybean meal, and coal continued to increase significantly, and the shipping volume of iron ore remained at a high level. The demand for shipping boosted the demand for Capesize and Handysize vessels, supporting the rise of the BCI and BHSI freight rate indices [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review - **BDI Freight Rate Index Analysis**: On July 28, compared with the previous week, the increase in the BDI comprehensive freight rate index and the BCI freight rate index continued to expand slightly, while the adjustment range of the BPI and BSI freight rate indices widened. The BDI comprehensive freight rate index closed at 2,226 points, a week - on - week increase of 10.42%; the BCI freight rate index closed at 3,774 points, a week - on - week increase of 26.60%; the BPI freight rate index closed at 1,798 points, a week - on - week decrease of 6.11%; the BSI freight rate index closed at 1,289 points, a week - on - week decrease of 4.23%; the BHSI freight rate index closed at 680 points, a week - on - week increase of 0.74% [3]. - **FDI Far - East Dry Bulk Freight Rate Index**: On July 28, the FDI index declined across the board, and the decline widened. Most of the freight rates in the Capesize vessel rental market of the FDI rental index changed from rising to falling. The FDI comprehensive freight rate index closed at 1,332.32 points, a month - on - month decrease of 1.19%; the FDI rental index closed at 1,625.32 points, a month - on - month decrease of 1.85% [7]. 3.2 Dry Bulk Shipping Situation Tracking - **Number of Shipping Vessels in Shipping Countries on the Day**: On July 29, among the major agricultural product shipping countries, Brazil used 37 shipping vessels, Russia used 5, Argentina used 22, and Australia used 5. Among the major industrial product shipping countries, Australia used 49, Guinea used 26, Indonesia used 33, Russia used 23, South Africa used 18, Brazil used 15, and the United States used 14 [11]. - **Analysis of Shipping Volume and Vessel Demand on the Day**: In terms of agricultural product shipping, 25 vessels were used for corn shipping, 13 for wheat, 18 for soybeans, 18 for soybean meal, and 10 for sugar. In terms of industrial product shipping, 105 vessels were used for coal shipping, 71 for iron ore, and 12 for other dry goods. For agricultural product shipping, the largest number of vessels required was 33 Ultra - Panamax vessels, followed by 17 Supramax vessels and 21 Handysize vessels. For industrial product shipping, the largest number of vessels required was 73 Capesize vessels, followed by 68 Ultra - Panamax vessels and 59 Supramax vessels [12]. 3.3 Tracking of the Number of Vessels at Major Ports The number of vessels at ports in China, Indonesia, and South Africa continued to increase week - on - week. From July 1 to July 28, the number of dry bulk vessels docked at ports in China increased significantly by 16 week - on - week; the number of vessels docked at six Australian ports decreased by 9 week - on - week; the number of vessels docked at six Indonesian ports increased by 4 week - on - week; the number of vessels docked at five Brazilian ports decreased by 1 week - on - week [12]. 3.4 Relationship between Freight Rates and Commodity Prices - On July 28, the price of Brazilian soybeans was $40 per ton, and the near - term shipping quote was 3,972.56 yuan per ton. - On July 25, the latest quote for the BCI C10_14 route freight was $26,223 per day. On July 28, the latest quote for the iron ore arrival price was $114.6 per thousand tons. - On July 25, the latest quote for the BPI P3A_03 route freight was $13,781 per day. On July 28, the latest quote for the steam coal arrival price was 532.98 yuan per ton. - On July 28, the Handysize vessel freight rate index was quoted at 679.8 points. On August 1, the ACFR quote for 4 - meter radiata pine was $114 per cubic meter [16].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The urea market is in a pattern with support below and suppression above, and the 09 contract is expected to fluctuate weakly. In the short - term, the export of the second batch of urea supports the demand side, and inventories are unlikely to accumulate significantly. However, agricultural demand is gradually weakening, and the fundamentals will continue to face pressure in the second half of the year [4]. 3. Summary According to Relevant Catalogs 3.1 Urea Price Interval Forecast - The price interval forecast for urea in the next month is 1650 - 1950, with a current 20 - day rolling volatility of 27.16% and a 3 - year historical percentile of 62.1%. For methanol, the price interval is 2200 - 2400, with a volatility of 20.01% and a historical percentile of 51.2%. For polypropylene and plastic, the price intervals are both 6800 - 7400, with volatilities of 10.56% and 15.24% respectively, and historical percentiles of 42.2% and 78.5% [3]. 3.2 Urea Hedging Strategy 3.2.1 Inventory Management - When the finished - product inventory is high and there are concerns about a decline in urea prices, companies can short the urea futures (UR2509) with a 25% hedging ratio at an entry interval of 1800 - 1950. They can also buy 50% of put options (UR2509P1850) to prevent a sharp price drop and sell 50% of call options (UR2509C1950) to reduce capital costs [3]. 3.2.2 Procurement Management - When the procurement inventory is low and there are concerns about a rise in urea prices, companies can buy urea futures (UR2509) with a 50% hedging ratio at an entry interval of 1750 - 1900. They can also sell 75% of put options (UR2509P1750) to collect premiums and lock in the purchase price if the price drops [3]. 3.3 Core Contradiction - A large amount of speculative funds left the market on Friday night, and the urea futures are expected to decline, which will put pressure on the spot market. In the medium - term, the second - batch export of urea supports the demand side, and inventories are unlikely to accumulate significantly in the short - term. Factory inventories and pending orders are not under much pressure, and spot prices are slightly fluctuating, which supports the urea price. However, agricultural demand is gradually weakening, and the fundamentals will face pressure in the second half of the year [4]. 3.4利多解读 and 利空解读 - Urea exports have been confirmed, and the futures are expected to show a wide - range shock pattern with enhanced downward support. The domestic policy requires factories to sell urea at low prices, which has a negative impact on the spot market sentiment [5].

新浪期货 根据交易所数据，截至7月29日收盘主力合约玻璃2509,涨跌-7.19%,成交量348.55万手，持仓数据显示前20席位呈现净 空，差额头寸为156588手。 玻璃期货全合约总计成交447.48万手，比上一日减少159.48万手。全合约前20席位多头持仓74.76万手，比上一日增加2.54万手。全 合约前20席位空头持仓94.83万手，比上一日增加6696手。 根据合并数据显示，多头前三席位为国泰君安，总持仓82273、中信期货，总持仓66662、永安期货，总持仓56800；空头前三席位 为永安期货，总持仓160546、国泰君安，总持仓138913、中信期货，总持仓100884； 主力合约前20席位中，多头增仓前三名分别是：华泰期货、持仓23071、增仓6750，银河期货、持仓22978、增仓6297，东证期 货、持仓39881、增仓3510；多头减仓前三名分别是：国泰君安、持仓46402、减仓-7579，国海良时、持仓15546、减仓-6435，永 安期货、持仓18393、减仓-5835； 主力合约前20席位中，空头增仓前三名分别是：南华期货、持仓17577、增仓11068，永安期货、持仓1132 ...

Report Information - Report Title: Nanhua Futures Copper Risk Management Daily Report - Date: July 29, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - Not provided in the report Core View - Copper prices recently rose and then fell. The rise was due to the positive impact of domestic anti - involution on commodities and increased copper demand expectations from Yajiang Hydropower Station construction. However, their short - term impacts on copper are limited. Downstream anti - involution is more negative than positive for demand, and the hydropower station's early - stage copper demand is low. The increase in copper prices seems to be a passive rise due to capital overflow from other sectors. Short - term copper prices may decline slightly as the anti - involution hype fades. This week is a macro super - week with significant events that will cause large copper price fluctuations [3] Key Points by Category Copper Price and Volatility - The latest copper price is 79,000 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] Risk Management Suggestions - **Inventory Management**: For high - level finished product inventory and fear of price drops, sell 75% of Shanghai Copper Main Futures Contracts at around 82,000 yuan/ton and sell 25% of CU2509C82000 call options when volatility is relatively stable [2] - **Raw Material Management**: For low - level raw material inventory and fear of price increases, buy 75% of Shanghai Copper Main Futures Contracts at around 75,000 yuan/ton [2] Factors Affecting Copper Prices - **Likely Positive Factors**: Sino - US tariff policy easing, low LME inventory levels, low - hovering US dollar index, and anti - involution benefiting the non - ferrous metals sector [4][7] - **Likely Negative Factors**: Tariff policy fluctuations, reduced global demand due to tariff policies, and the Fed maintaining high interest rates [7] Copper Futures Data - **Shanghai Copper Main**: Price is 79,000 yuan/ton, with no daily change [6] - **Shanghai Copper Continuous 1**: Price is 79,000 yuan/ton, down 250 yuan (-0.32%) [8] - **Shanghai Copper Continuous 3**: Price is 7,8960 yuan/ton, with no daily change [8] - **LME Copper 3M**: Price is 9,762.5 dollars/ton, down 33.5 dollars (-0.34%) [8] - **Shanghai - London Ratio**: The ratio is 8.12, up 0.06 (0.74%) [8] Copper Spot Data - **Shanghai Non - ferrous 1 Copper**: Price is 79,075 yuan/ton, down 375 yuan (-0.47%) [10] - **Shanghai Wumaotrade**: Price is 79,100 yuan/ton, down 435 yuan (-0.55%) [10] - **Guangdong Nanchu**: Price is 79,010 yuan/ton, down 370 yuan (-0.47%) [10] - **Yangtze Non - ferrous**: Price is 79,270 yuan/ton, down 370 yuan (-0.46%) [10] Copper Scrap Spread - **Current Scrap Spread (Tax - included)**: Price is 959.89 yuan/ton, up 119.15 yuan (14.17%) [12] - **Reasonable Scrap Spread (Tax - included)**: Price is 1,490.45 yuan/ton, down 2 yuan (-0.13%) [12] Copper Warehouse Receipts and Inventory - **Shanghai Futures Exchange Copper Warehouse Receipts**: Total is 17,832 tons, up 1,699 tons (10.53%) [15] - **LME Copper Inventory**: Total is 127,400 tons, down 1,075 tons (-0.84%) [17] - **COMEX Copper Inventory**: Total is 250,819 tons, up 7,456 tons (3.06%) [20] Copper Import and Processing - **Copper Import Profit and Loss**: Price is - 341.58 yuan/ton, up 140.92 yuan (-29.21%) [21] - **Copper Concentrate TC**: Price is - 42.75 dollars/ton, with no change [21]

南华贵金属日报: 收低位十字形 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年7月29日 【行情回顾】 周一贵金属市场弱势整理，伦敦金银皆收低位十字形，美指大涨，10Y美债收益率走升利空贵金属估值。周 边美股偏强，欧股下跌，中国股市震荡，比特币震荡，原油上涨，南华有色金属指数下跌。最终COMEX黄金 2508合约收报3314美元/盎司，-0.65%；美白银2509合约收报于38.33美元/盎司，-0.09%。 SHFE黄金 2510主力合约774.78元/克，-0.33%；SHFE白银2510合约收9212元/千克，-1.71%。欧美虽达成贸易协 议，但其中欧盟的妥协被解读为将损害欧洲经济，引发欧元大跌美指大涨。今日重点关注中美7月27日至30 日在瑞典的经贸会谈。 【降息预期与基金持仓】 降息预期略波动。据CME"美联储观察"数据显示，美联储7月维持利率不变的概率为96.9%，降息25个 基点的概率为3.1%；美联储9月维持利率不变的概率为35.4%，累计降息25个基点的概率为62.6%，累计降 息50个基点的概率为2.0%；美联储10月维持利率不变的 ...

Report Overview - Report Title: Nanhua Futures Tin Risk Management Daily Report - Date: July 29, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team Investment Rating - No investment rating for the industry is provided in the report. Core View - The recent rise in tin prices is mainly due to the boost of the non - ferrous metal sector from anti - involution, with little change in its own fundamentals. Given the obvious oligopoly situation in the upstream of tin and its suppression of the downstream, the price increase is understandable. In the short term, as the anti - involution hype fades, tin prices may decline slightly. Investors should also pay attention to the impact of various macro events in the last week of July on tin prices [3]. Summary by Category Price and Volatility - The latest closing price of tin is 267,880 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2]. Risk Management Suggestions Inventory Management - For high finished - product inventory and concerns about price drops, with a long spot position, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2509C275000 call option when the volatility is appropriate [2]. Raw Material Management - For low raw - material inventory and concerns about price increases, with a short spot position, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2509P245000 put option when the volatility is appropriate [2]. Influencing Factors Bullish Factors - Easing of China - US tariff policies, the semiconductor sector being in an expansion cycle, lower - than - expected复产 in Myanmar, and anti - involution benefiting the entire non - ferrous metal sector [4]. Bearish Factors - Fluctuations in tariff policies, the inflow of Burmese tin ore into China, and the semiconductor sector's expansion slowing down and moving towards a contraction cycle [5]. Futures and Spot Market Data Tin Futures - The latest prices of Shanghai Tin main, continuous first, and continuous third contracts are 267,880 yuan/ton, 267,880 yuan/ton, and 267,960 yuan/ton respectively, with no daily change. The LME Tin 3M price is 33,670 US dollars/ton, down 470 US dollars (-1.38%). The Shanghai - London ratio is 7.94, up 0.08 (1.02%) [6]. Tin Spot - The latest prices of Shanghai Non - ferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, 60A solder bar, 63A solder bar, and lead - free solder are 268,800 yuan/ton, 700 yuan/ton, 256,800 yuan/ton, 260,800 yuan/ton, 174,750 yuan/ton, 182,250 yuan/ton, and 274,750 yuan/ton respectively, with weekly increases of 1,600 yuan/ton (0.6%), 200 yuan/ton (40%), 1,600 yuan/ton (0.63%), 1,600 yuan/ton (0.62%), 1,000 yuan/ton (0.58%), 1,000 yuan/ton (0.55%), and 1,500 yuan/ton (0.55%) respectively [9]. Inventory Data - The latest total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,369 tons, up 244 tons (3.42%). The warehouse receipt quantity in Guangdong is 4,771 tons, up 135 tons (2.91%), and in Shanghai is 1,717 tons, up 109 tons (6.78%). The total LME tin inventory is 1,740 tons, up 50 tons (2.96%) [18]. Import and Processing Data - The tin import profit and loss is - 19,074.74 yuan/ton, with a change of 2,411.52 yuan (-11.22%). The 40% tin ore processing fee is 12,200 yuan/ton with no change, and the 60% tin ore processing fee is 10,550 yuan/ton with no change [19].

Report Industry Investment Rating - Not provided Core View - The stock index showed a mild upward trend with narrow - range fluctuations today, and the trading volume in the two markets slightly decreased. The basis of each futures variety and the option position PCR had mixed changes, indicating no obvious change in market sentiment. After digesting last week's positive news, the stock index may return to a mild upward state. This week, focus on the China - US talks and the Politburo meeting. If there is more positive news than expected, it may drive the stock index up; if it is lower than market expectations, the stock index may adjust, but the overall positive trend remains unchanged. The recommended strategy is to hold long positions and wait and see [4] Market Review - The stock index fluctuated strongly today. Taking the CSI 300 index as an example, it closed up 0.21%. The trading volume in the two markets decreased by 450.29 billion yuan. In the futures index market, IF and IC rose with increasing volume, IH rose with decreasing volume, and IM fell with increasing volume [2] Important Information - The State Council executive meeting deployed measures to gradually implement free preschool education, emphasizing it as an important measure for the public. Local governments should refine work plans and allocate subsidy funds on time. - In June, the profits of industrial enterprises above designated size decreased by 4.3% year - on - year, with a narrowing decline compared to May. The profits of new - kinetic - energy industries represented by the equipment industry grew rapidly, and the driving effect of the "two new" policies continued to appear [3] Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.16 | 0.36 | 0.09 | - 0.04 | | Trading volume (10,000 lots) | 9.2993 | 4.6357 | 8.8191 | 18.6257 | | Trading volume change (10,000 lots) | 0.0547 | - 0.087 | 1.1258 | 2.6844 | | Open interest (10,000 lots) | 26.3839 | 9.5447 | 22.869 | 33.8751 | | Open interest change (10,000 lots) | 0.3663 | - 0.1993 | 0.3134 | 1.1728 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.12 | | Shenzhen Component Index change (%) | 0.44 | | Ratio of rising to falling stocks | 1.14 | | Trading volume in the two markets (billion yuan) | 17423.07 | | Trading volume change (billion yuan) | - 450.29 | [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests that trading positions should temporarily wait and see. Although the bond market prices rebounded significantly on the day, it is still not out of the adverse situation. The market is mainly driven by sentiment, and there is a risk of a second decline if risk assets rebound or there are new positive factors for risk appetite. It also mentions to pay attention to events such as the FOMC, Sino - US talks, and the Politburo meeting during this macro - super week [1][3]. 3. Summary by Directory 3.1. Market Performance - Treasury bond futures opened higher, then declined during the session, and finally closed sharply higher across the board. The long - end, which was greatly affected by sentiment before, also had more corrections [1]. - The open market continued net investment. The due reverse repurchase was 170.7 billion yuan, and new operations were 495.8 billion yuan, with a net investment of 325.1 billion yuan. The capital price continued to improve, with the DR001 weighted average falling to around 1.45% and the GC001 closing at around 1.35% at the end of the session [1]. 3.2. News The National Conference of Heads of Industry and Information Technology Departments held on July 28 mentioned implementing the strategy of expanding domestic demand, consolidating the industrial economic base, implementing a new round of stable - growth actions for ten key industries, formulating a plan to enhance the adaptability of consumer goods supply and demand to boost consumption, promoting the development and application of technologies such as AI terminals, and formulating guidelines for financial support for new - style industrialization [2]. 3.3. Market Analysis - The domestic market is trading around the reversal of the anti - involution sentiment, and the overall situation is still sentiment - driven. The A - share market showed strong resilience as a risk asset, with obvious sector rotation [3]. - For the bond market, although the price rebounded significantly, it is still facing challenges. The capital interest rate has not returned to the previous lower platform of 1.3 - 1.35%, and the market is passive, mainly affected by sentiment [3]. 3.4. Data - **Contract Data**: Detailed data on the prices, changes, positions, and basis of TS2509, TF2509, T2509, and TL2509 contracts are provided, as well as the trading volume of the main contracts [3]. - **Funding Rate Data**: Data on DR001, DR007, DR014, including their weighted average interest rates, changes, and trading volumes, are presented [3].