Report Industry Investment Rating - Not provided in the content Core Views Plastic - Maintains a weak reality, expected to fluctuate within a range. The 2509 contract of plastic is expected to trade within the short - term range of 7200 - 7500, and it is recommended to short at high prices [5]. PP - Faces significant trend pressure, short - term oscillation is weak. The PP2509 is expected to trade within the range of 6900 - 7200 in the short term [6]. Summary by Directory Plastic Market Changes - On August 1st, the closing price of the plastic main contract was 7317 yuan/ton, up 56 yuan/ton from last month, a month - on - month increase of 0.77%. LDPE average price was 9516.67 yuan/ton, down 0.52% month - on - month; HDPE average price was 7975 yuan/ton, down 1.69% month - on - month; the average price of LLDPE (7042) in South China was 7508.24 yuan/ton, down 0.31% month - on - month. The LLDPE South China basis was 191.24 yuan/ton, down 29.37% month - on - month, and the 6 - 9 month spread was 111 yuan/ton (+81). The basis shrank and the month spread widened [5][8]. Fundamental Changes - **Cost and Profit**: WTI crude oil closed at 67.26 US dollars/barrel this week, up 2.29 US dollars/barrel from last month; Brent crude oil closed at 69.52 US dollars/barrel, up 2.89 US dollars/barrel from last month. The price of anthracite at the Yangtze River port was 1050 yuan/ton (+20). The profit of oil - based PE was - 490 yuan/ton, down 28 yuan/ton from last month; the profit of coal - based PE was 1195 yuan/ton, down 358 yuan/ton from last month. It is expected that the profit of oil - based PE will run weakly and the profit of coal - based PE will run strongly [5][18][23]. - **Supply**: This week, the operating rate of polyethylene production in China was 81.09%, up 4.65 percentage points from last month. The weekly output of polyethylene was 63.55 tons, a month - on - month increase of 3.32%. The maintenance of petrochemical enterprise equipment remained at a high level this week. The maintenance loss this week was 9.14 tons, down 2.21 tons from last week [5][26]. - **Demand**: This week, the overall operating rate of domestic agricultural film was 12.63%, up 0.28% from last month; the operating rate of PE packaging film was 48.70%, down 0.74% from last month; the operating rate of PE pipes was 28.67%, down 0.34% from last month [5][30]. - **Inventory**: The social inventory of plastic enterprises was 56.17 tons at the end of this month, up 9.70 tons from the end of last month, a month - on - month increase of 20.87% [5][35]. Main Operating Logic - In July, affected by macro - policies such as anti - involution, coal and downstream commodities rose significantly, driving the PE market to rebound. But as the sentiment cooled, the market price corrected, and the market trading returned to fundamentals. There was new production capacity put into operation in July, and the production capacity will continue to increase in the second half of the year, so the supply pressure remains high. The maintenance loss this month remained at a high level but showed an obvious decline. The operating rate of downstream agricultural film is expected to increase due to the approaching peak season of plastic film. The operating rates of protective film and pipes remain stable. The low - level social inventory provides some support to the market [5]. PP Market Changes - On August 1st, the closing price of polypropylene 2509 was 7098 yuan/ton, up 28 yuan/ton from last month. The spot price of polypropylene reported by Business Society was 7290 yuan/ton (+0.16%) [6][43][48]. Fundamental Changes - **Cost and Profit**: WTI crude oil closed at 67.26 US dollars/barrel this week, up 2.29 US dollars/barrel from last month; Brent crude oil closed at 69.52 US dollars/barrel, up 2.89 US dollars/barrel from last month. The price of anthracite at the Yangtze River port was 1050 yuan/ton (+20). The profit of oil - based PP was - 473.06 yuan/ton, down 14.35 yuan/ton from last month; the profit of coal - based PP was 684.71 yuan/ton, down 347.77 yuan/ton from last month [6][56][60]. - **Supply**: This week, the operating rate of Chinese PP petrochemical enterprises was 76.94%, down 0.50 percentage points from last month. The weekly output of PP pellets reached 77.33 tons, a month - on - month decrease of 0.05%. The weekly output of PP powder reached 6.50 tons, a month - on - month decrease of 6.39% [6][64]. - **Demand**: This week, the average operating rate of downstream industries was 48.40% (+0.03). The operating rate of plastic weaving was 41.10% (-2.00), the operating rate of BOPP was 60.80% (+0%), the operating rate of injection molding was 55.80% (+0.22%), and the operating rate of pipes was 36.17% (-0.30%) [6][70]. - **Inventory**: This week, the domestic inventory of polypropylene was 56.48 tons (-2.72%); the inventory of two major oil companies decreased by 5.44% month - on - month; the inventory of traders increased by 4.02% month - on - month; the port inventory decreased by 7.14% month - on - month [6][75]. Main Operating Logic - In July, affected by macro - policies such as anti - involution, coal and downstream commodities rose significantly, driving the PP market to rebound. But as the sentiment cooled, the market price corrected, and the market trading returned to fundamentals. Although there were intensive maintenance activities in July, they were not enough to relieve the supply pressure. The operating rates of downstream industries such as plastic weaving fluctuated slightly, and the demand remained weak. It is expected that the PP market will be mainly driven by fundamentals, and the PP2509 is expected to fluctuate within a range in the short term [6].

Report Industry Investment Rating - Not provided Core Views of the Report - The coking coal market currently shows characteristics of "ongoing supply disruptions and rigid demand support." The key factors to watch are the actual impact of the over - production inspection by the Energy Bureau on the output in major production areas, changes in imported coal prices, and the transmission effect of coking enterprises' profit repair on the raw material replenishment rhythm. The coke market's fundamentals remain relatively strong, with rigid demand support and transportation disruptions jointly driving up market bullish expectations. Key factors to monitor include the impact of steel mill profit changes on the replenishment rhythm, the continuous impact of extreme weather on transportation, and the transmission effect of futures price fluctuations on traders' behavior. Due to significant disturbances in market news, the volatility risk of coking coal and coke has increased, and it is advisable to maintain a neutral and wait - and - see stance [12][13] Summary by Directory Coal and Coke Investment Strategy - **Coking Coal**: On the supply side, the over - production inspection by the Energy Bureau is ongoing, some previously over - producing coal mines have reduced production due to policy constraints, and the production recovery rhythm of some mines is slow. In addition, environmental protection control in Wuhai, Inner Mongolia has tightened, making it difficult for open - pit mines to resume production, resulting in a tight supply of resources such as fat coal. On the import side, the auction transaction has improved. In terms of demand, the coking price increase rhythm was postponed due to the weakening of the futures market. Some coking enterprises' losses have expanded due to cost pressure, and their enthusiasm for raw material replenishment is limited. However, steel mill blast furnaces still maintain a certain production intensity, and coking enterprises have many pre - sold orders. Overall, the coking coal price remains stable, and the market trading atmosphere is cautious [12] - **Coke**: On the supply side, after the fourth round of price increases, the profits of some enterprises have improved, and their production enthusiasm has increased. However, some coking enterprises' production is still restricted by previous losses, environmental protection, and maintenance, and the overall supply increase is limited. On the demand side, steel mill blast furnace production remains high, and the rigid demand for coke is strong. Although the fifth - round price increase process was initially slowed down by the futures market, it picked up later, and the supply - demand tight situation remains unchanged [12] - **Operation Strategy**: Due to significant disturbances in market news, the volatility risk of coking coal and coke has increased, and it is advisable to maintain a neutral and wait - and - see stance [13] Coking Coal Data Tracking - **July Price Operation Logic Review**: In early July, the coking coal market was in a tight balance under the game between supply and demand, and the cost support of coking coal gradually emerged. In mid - July, cost pressure drove the price increase of coke, and the coking coal market differentiation intensified. In late July, there were frequent news disturbances in the coking coal market, and the strong cost supported the coke price [19] - **Price Performance**: Domestic coking coal prices in major production areas have stabilized. The port pick - up prices of Australian, Russian, and Mongolian coking coal have decreased. The coking coal futures closing price has shown a volatile trend [21] - **Price Difference**: The spot price difference between Shanxi coking coal and Mongolian coking coal from Ganqimaodu has widened significantly. The futures price difference and the basis have also shown a widening trend [24] - **Production**: The production recovery rhythm of coal mines is slow. The daily average output of 110 coal washing plants has decreased slightly, and the monthly total supply of coking coal has increased [28][29] - **Profit**: The cost of coking coal has increased significantly, but coking enterprises still face losses. The average profit per ton of independent coking enterprises is - 45 yuan/ton [33] - **Inventory**: The overall coking coal inventory has stabilized, and the inventory pressure of upstream coal mines has been significantly reduced [35] Coke Data Tracking - **Price Increase**: The spot prices of coke in various regions have increased, and the futures closing price has shown a volatile trend [40][42] - **Price Difference and Basis**: The price difference between export coke and domestic coke has increased, and the basis of coke has converged [44][46] - **Downstream Demand**: The daily average iron - water output of 247 steel mills has fluctuated slightly, and the profit of steel mills has increased [50][53] - **Inventory**: The overall coke inventory has continued to decline, with the inventory of coking plants and steel mills decreasing and the port inventory increasing [55][56]

Report Industry Investment Rating - The investment rating for the glass industry is "Oscillating Weakly" [2][3][104][105] Core Viewpoints of the Report - In July, the glass futures price fluctuated significantly, rising first and then falling, and basically returned to the starting point at the end of the month. The market sentiment weakened after the macro - meeting, and the market returned to fundamentals. The supply slightly decreased, the national inventory continued to decline mainly due to the positive arbitrage of cash - and - carry traders, and the profits of the three production processes improved. The order situation of small and medium - sized processing plants was still poor, and the market had a pessimistic outlook on the long - term trend of soda ash. In August, it is expected that the inventory reduction speed of enterprises will slow down, and there may be a negative feedback in the market. It is recommended to pay attention to short - selling opportunities for the 09 contract [2][104] Summary According to the Directory 1. Market Review - **Futures and Spot Prices**: The glass 2509 contract closed at 1102 yuan/ton last Friday, down 260 yuan week - on - week. As of August 1st, the market prices of 5mm float glass were 1240 yuan/ton in North China (down 10 yuan), 1220 yuan/ton in Central China (up 30 yuan), and 1310 yuan/ton in East China (up 30 yuan) [15] - **Basis and Spread**: As of August 1st, the difference between soda ash and glass futures prices was 154 yuan/ton (up 76 yuan), the basis of the glass 09 contract was 98 yuan/ton (up 260 yuan), and the 09 - 01 spread was - 122 yuan/ton (down 58 yuan) [16] 2. Supply - Demand Pattern - **Profit**: For the natural - gas production process, the cost was 1595 yuan/ton (up 1 yuan), and the gross profit was - 285 yuan/ton (up 29 yuan). For the coal - gas production process, the cost was 1171 yuan/ton (up 17 yuan), and the gross profit was 69 yuan/ton (down 27 yuan). For the petroleum - coke production process, the cost was 1109 yuan/ton (up 1 yuan), and the gross profit was 111 yuan/ton (up 29 yuan) [21][25] - **Supply**: The daily melting volume of glass was 157,755 tons/day (unchanged), and there were 222 production lines in operation. The first - line of Gansu Kaisheng Daming with a daily melting volume of 600 tons was cold - repaired last week [27] - **Inventory**: As of August 1st, the inventory of 80 glass sample manufacturers nationwide was 5,949.9 million weight - cases (down 239.7 million weight - cases). The inventory in South China was 965.5 million weight - cases (down 60.1 million weight - cases), in Southwest China was 1,133 million weight - cases (down 38.4 million weight - cases), and the inventory in Shahe factories was 160 million weight - cases (up 45 million weight - cases) [41] - **Deep - processing**: On July 31st, the operating rate of LOW - E glass was 44.9% (down 2.9%), the order days for glass deep - processing at the beginning of August were 9.55 days (up 0.25 days), and the comprehensive production - sales ratio of float glass was 80% (down 46%) [43][44] - **Demand - Automotive**: In June, China's automobile production was 2.794 million vehicles (up 145,000 vehicles month - on - month and 287,000 vehicles year - on - year), and sales were 2.904 million vehicles (up 218,000 vehicles month - on - month and 352,000 vehicles year - on - year). The retail volume of new - energy passenger vehicles was 1.111 million vehicles with a penetration rate of 53.3% [53] - **Demand - Real Estate**: In June, China's real - estate completion area was 41.8147 million square meters (down 2% year - on - year), new construction area was 71.8071 million square meters (down 9% year - on - year), construction area was 83.0189 million square meters (up 5% year - on - year), and commercial housing sales area was 105.354 million square meters (down 7% year - on - year). From July 21st to July 27th, the total commercial housing transaction area in 30 large - and medium - sized cities was 1.61 million square meters (up 17% month - on - month and down 9% year - on - year). The real - estate development investment in June was 1.042416 trillion yuan (down 12% year - on - year) [61] - **Import and Export**: As of June, China's float glass imports were 281,100 weight - cases (down 4.6% year - on - year), and exports were 1.3961 million weight - cases (up 87.0% year - on - year) [63] - **Cost - Soda Ash**: As of last weekend, the mainstream market prices of heavy soda ash were 1400 yuan/ton in North China (up 50 yuan), 1375 yuan/ton in East China (up 25 yuan), 1375 yuan/ton in Central China (up 50 yuan), and 1500 yuan/ton in South China (unchanged). The basis of the soda ash 09 contract in Central China was 119 yuan/ton (up 234 yuan). The soda ash 2509 contract closed at 1256 yuan/ton (down 184 yuan) last Friday [68][73] - **Cost - Soda Ash Profit**: As of last Friday, the ammonia - soda process cost of soda ash enterprises was 1300 yuan/ton (down 30 yuan), with a gross profit of 57 yuan/ton (up 92 yuan); the co - production process cost was 1795 yuan/ton (up 93 yuan), with a gross profit of 107 yuan/ton (up 89 yuan) [75][77] - **Cost - Soda Ash Inventory**: Last week, the domestic soda ash production was 699,800 tons (down 24,000 tons week - on - week), including 398,700 tons of heavy soda ash (down 10,200 tons week - on - week) and 301,100 tons of light soda ash (down 13,800 tons week - on - week). The exchange soda ash warehouse receipts at the end of last week were 2790 (up 1835 week - on - week). As of August 1st, the national in - factory inventory of soda ash was 1.7958 million tons (down 68,800 tons week - on - week) [92] - **Cost - Soda Ash Apparent Consumption**: Last week, the apparent demand for heavy soda ash was 418,300 tons (up 9200 tons week - on - week), the soda ash production - sales ratio was 109.83% (up 4.17% week - on - week), and the soda ash inventory days of sample float glass factories in May were 25.8 days [100] 3. Investment Strategy - **Main Logic**: The glass futures price fluctuated significantly in July. The supply slightly decreased, the inventory decreased due to positive arbitrage, and the profits of the three production processes improved. The order situation of processing plants was poor, and the market was pessimistic about soda ash in the long - term. In August, it is expected that the inventory reduction speed will slow down, and there may be a negative feedback [2][104] - **Operation Strategy**: Oscillating Weakly. It is recommended to pay attention to short - selling opportunities for the 09 contract and the price support level at the beginning of last month [3][105]

Report Industry Investment Rating - No information provided in the report Core Viewpoints of the Report - In July, copper prices first strengthened and then weakened. Domestic anti - involution and key industry stability - growth policies initially drove up copper prices, but later macro - sentiment cooled, and the 50% tariff on imported semi - finished copper products imposed by the Trump administration on August 1st, along with the Fed's hawkish stance, put pressure on copper prices [6][87]. - From a fundamental perspective, the supply of copper concentrates remains tight, with low processing fees and high domestic smelter output. Low inventories support copper prices, but terminal consumption is in the off - season, and the supply - demand weakness may drag down copper prices. After the US copper import tariff is clear, overseas inventories have increased significantly, and there is still downward pressure on copper prices, which are expected to continue to fluctuate weakly [88]. Summary According to the Table of Contents 1. Market Review - In July, copper prices first strengthened and then weakened. Domestic policies and the weakening of the US dollar initially boosted copper prices, but later, the cooling of domestic macro - sentiment, the 50% tariff on imported semi - finished copper products, and the Fed's hawkish stance led to a decline in copper prices. The sharp drop in US copper by over 20% also drove down Shanghai and London copper prices [6]. 2. Macroeconomic Factor Analysis Overseas Macroeconomy - US inflation showed a moderate increase in June. The CPI rose 2.7% year - on - year, and the core PCE price index rose 2.8% year - on - year. In July, non - farm payrolls increased by only 73,000, the lowest in 9 months, and the unemployment rate rose to 4.2%. The Fed kept interest rates unchanged in July, but the poor non - farm data increased the probability of a rate cut this year [12][13]. - The US manufacturing PMI was in a contraction range in July, with the ISM manufacturing index at 48, lower than expected. The Markit manufacturing PMI hit a new low since December last year, while the service PMI reached a new high. The US dollar index first weakened and then strengthened in July, putting pressure on commodity prices [15]. Domestic Macroeconomy - China's CPI turned positive in June, rising 0.1% year - on - year, and the core CPI reached a 14 - month high. The PPI decline widened to 3.6%. The 1 - year and 5 - year LPR remained unchanged in July. From January to June, the cumulative increase in social financing scale was 22.83 trillion yuan, more than the same period last year. The scissors gap between M2 and M1 narrowed [22]. - In July, China's manufacturing PMI was 49.3, down 0.4 percentage points from the previous month, and the non - manufacturing business activity index was 50.1, also down 0.4 percentage points. The comprehensive PMI output index was 50.2, indicating that overall business activities were still expanding. From January to June, China's fixed - asset investment increased by more than 5% year - on - year [25]. 3. Fundamental Analysis Mine Supply - From January to May, the global copper concentrate production capacity was 12.105 million tons, a year - on - year increase of 1.93%, and the production was 9.524 million tons, a year - on - year increase of 3.27%. The copper production in Chile and Peru from January to May was 323,390 tons, a year - on - year increase of 4.04% [31]. Smelting - The supply of copper concentrates is tight, and the conflict between mines and smelters persists. As of August 1st, the spot smelting fee (TC) for copper concentrates was - 42 dollars per ton, and the processing fee has been at a historical low [33]. Refined Copper - In June, the utilization rate of copper production capacity increased to 82.69%, and the electrolytic copper output was 1.1349 million tons, a year - on - year increase of 12.93%. In July, the price of sulfuric acid, a by - product of smelting, remained strong, partially offsetting the losses at the smelting end [37]. Import and Export - In June, China's refined copper imports were 300,500 tons, a year - on - year increase of 5.11%. As of July 31st, the Shanghai - London ratio of electrolytic copper was 8.11, and the import profit was negative [38]. Scrap Copper - In June, domestic scrap copper imports were 183,200 tons, a year - on - year increase of 8.49% but a month - on - month decrease of 1.06%. In July, the price difference between refined and scrap copper narrowed [42]. Processing - In June, the operating rate of refined copper rod enterprises was 67.29%, a month - on - month decrease of 2.97 percentage points, but it increased to 71.73% as of August 1st. The operating rate of recycled copper rod enterprises in June was 33.61%, a month - on - month increase of 3.69% [44][45]. Terminal Demand - From January to June, China's power grid project investment was 291.1 billion yuan, a year - on - year increase of 14.6%, and power source project investment was 363.5 billion yuan, a year - on - year increase of 5.9%. In June, the cumulative new installed capacity of wind and photovoltaic power continued to grow, but the growth rate is expected to slow down in the second half of the year [50]. - In June, the real estate completion area decreased by 14.8% year - on - year, and the new construction area decreased by 20% year - on - year. The real estate market is still at the bottom - grinding stage, dragging down copper demand [53]. - In June, China's automobile production was 2.8086 million vehicles, a year - on - year increase of 7.49%, and new - energy vehicle production was 1.234 million vehicles, a year - on - year increase of 20.39%. The new - energy vehicle market maintains high - level development [59]. - In June, the production of refrigerators, washing machines, and air conditioners maintained a certain growth rate, and the domestic "Two New" policies are expected to support the demand for copper in the home appliance industry [61]. Inventory - As of August 1st, the copper inventory on the Shanghai Futures Exchange was 72,500 tons, a month - on - month decrease of 14.24%. As of July 28th, the domestic social copper inventory was 120,300 tons, a month - on - month decrease of 9.48%. The global visible copper inventory has rebounded from a low level [63][66]. Premium and Discount - In July, the domestic spot premium first rose and then fell. After the US copper tariff was implemented on August 1st, the LME copper inventory increased, and the LME copper spot/3 - month changed from a premium to a discount [68][69]. Domestic and Overseas Positions - In July, the average daily trading volume of Shanghai copper was 83,728.74 lots. As of August 1st, the Shanghai copper position was 176,193 lots, a decrease of 21.34% from the beginning of the month. The net long position of COMEX copper asset management institutions increased significantly [79]. 4. Technical Analysis - Technically, Shanghai copper is expected to continue its short - term downward oscillation trend, with support at the 77,600 level. The reference range for copper prices in August is expected to be between 77,000 and 80,000 [83]. 5. Future Outlook - From a macro perspective, the weak US manufacturing PMI and poor non - farm payroll data increase the probability of a rate cut this year. The Trump administration's 50% tariff on imported semi - finished copper products and the cooling of domestic macro - sentiment put pressure on copper prices [87]. - Fundamentally, the supply of copper concentrates is tight, and low inventories support copper prices, but the off - season terminal consumption and the supply - demand weakness may drag down copper prices. After the US copper import tariff is clear, overseas inventories have increased, and there is still downward pressure on Shanghai and London copper prices, which are expected to continue to fluctuate weakly [88].

Report Industry Investment Rating - The investment strategy for the iron ore industry is to expect the market to be volatile with a slight upward bias [2][4][62] Core View of the Report - In July, the iron ore futures market first rose and then fell. After the end - of - month meeting, the market started to price in events such as the military parade, crude steel production cuts, and blast furnace maintenance, leading to an expected decline in hot metal demand. However, considering the potential macro - positive factors in the fourth quarter, the decline in hot metal output will not be significant. Under the positive feedback logic, it is favorable for iron ore and negative for coal at the raw material end. It is expected that the iron ore futures market will operate with a slight upward bias and can be considered as a long - leg position when shorting other black commodities. Attention should be paid to the 770 support level for the 09 contract [3][61] Summary by Relevant Catalogs 1. Market Review: Soaring and Then Falling, Basis Stabilizing 1.1 Market Review: High - level Decline and Adjustment - Last Friday, the discounted futures prices of various grades of iron ore at Qingdao Port were: Super Special Powder at 846 yuan/ton (- 14), PB Powder at 813 yuan/ton (- 15), Newman Powder at 801 yuan/ton (- 17), and Carajas Powder at 812 yuan/ton (- 13). The dry - basis tax - included price of Tangshan 66% iron concentrate was 930 yuan/ton, with a weekly decrease of 10. The Platts 62% price index was 99.30 US dollars/ton, with a weekly decrease of 3.3, and the monthly average was 99.30 US dollars/ton. The 09 contract of iron ore closed at 783 yuan/ton last Friday, with a weekly decrease of 19.5 [8] 1.2 Market Review: Strength of Medium - and High - grade Ores - On August 1st, the contract screw - to - ore ratio was 4.09, a decrease of 0.09 from the previous period. The prices of Super Special Powder, PB Powder, and Carajas Powder were 643, 768, and 870 yuan/wet ton respectively. The basis of the PB Powder 09 contract was 30 yuan/ton last Friday, a weekly increase of 4. The 05 - 09 spread was 26 yuan/ton last Friday, a weekly decrease of 4 [17][22] 2. Supply - Demand Pattern: Increased Imports, Profitable Steel Mills 2.1 Import Volume: Significant Increase - In June, China's total imports of iron ore and its concentrates were 10,594.77 million tons, a year - on - year decrease of 833.49. The cumulative imports were 59,255.10 million tons, a year - on - year decrease of 3%. Specifically, sintering ore powder imports were 7,504.03 million tons, a year - on - year increase of 809.70; lump ore imports were 1,787.11 million tons, a year - on - year increase of 120.65; pellet imports were 116.91 million tons, a year - on - year decrease of 92.16; and iron concentrate imports were 1,186.72 million tons, a year - on - year decrease of 4.7 [24][28] 2.2 Domestic Supply: Output Decline - In June, the cumulative output of domestic raw ore was 50,859.8 million tons, a year - on - year decrease of 8%. As of August 1st, the daily average output of iron concentrate was 46.30 million tons, a decrease of 1.73 from the previous period. The iron concentrate inventory of mining enterprises was 76.80 million tons, a decrease of 1.95 from the previous period [30][31][32] 2.3 Foreign Supply: Stronger Shipments from Brazil - As of July 25th, the total iron ore shipments from Australia and Brazil were 2,677.8 million tons, an increase of 198.8 from the previous period. Australian shipments were 1,793.5 million tons, an increase of 222.3, while Brazilian shipments were 884.3 million tons, a decrease of 23.5. As of August 1st, the sea freight from Western Australia to Qingdao was 10.37 US dollars/ton, a weekly decrease of 0.05, and from Brazil to Qingdao was 24.01 US dollars/ton, a weekly decrease of 0.53 [42] 2.4 Ports: Decline in Both Arrival and Out - port Volumes - On July 25th, the arrival volume at 45 major domestic ports was 2,240.5 million tons, a decrease of 130.7 from the previous period. Last week, the number of ships at berth in 47 ports was 96, a decrease of 6. The daily average out - port volume at 45 major domestic ports last week was 302.71 million tons, a decrease of 12.44 [46] 2.5 Inventory: Steel Mills Restocking - Last week, the iron ore inventory at 45 major domestic ports was 13,657.9 million tons, a weekly decrease of 132.48. Among them, coarse powder inventory was 11,017.53 (- 182.86), lump ore inventory was 1,738.26 (+ 34.76), pellet inventory was 386.14 (- 11.15), and iron concentrate inventory was 1,080.08 (- 14.42). Last Friday, the imported iron ore inventory of 247 domestic steel mills was 9,012.09 million tons, a weekly increase of 126.87, and the corresponding daily average iron ore consumption last week was 299.46 million tons/day (- 1.64). The total inventory of the two was 24,669.99 million tons, a decrease of 5.61 [47] 2.6 Steel Enterprises' Demand: Decline in Hot Metal Output - Last week, the profitability rate of 247 domestic steel enterprises was 65.37%, an increase of 1.73%. The daily average hot metal output of 247 domestic steel enterprises last week was 240.71 million tons, a decrease of 1.52. The market price of 6 - 8mm scrap steel in Jiangyin was 2,120 yuan/ton, a decrease of 40 [56] 3. Investment Strategy: Affected by Production Cuts, Relatively Strong 3.1 Investment Strategy: Volatile Operation - The iron ore futures market in July first rose and then fell. After the end - of - month meeting, the market started to price in events such as the military parade, crude steel production cuts, and blast furnace maintenance, leading to an expected decline in hot metal demand. Considering the potential macro - positive factors in the fourth quarter, the decline in hot metal output will not be significant. Under the positive feedback logic, it is favorable for iron ore and negative for coal at the raw material end. It is expected that the iron ore futures market will operate with a slight upward bias and can be considered as a long - leg position when shorting other black commodities. Attention should be paid to the 770 support level for the 09 contract [61]

Report Industry Investment Ratings - **Macro Finance**: Both stock index and treasury bonds are rated as "Oscillating" [1][6] - **Black Building Materials**: Rebar is rated as "Temporarily on the sidelines", iron ore as "Oscillating", and coking coal and coke as "Oscillating" [1][8][10] - **Non - ferrous Metals**: Copper is rated as "Range trading or on the sidelines", aluminum as "Buy on dips after a pullback", nickel as "Short on rallies or on the sidelines", tin as "Range trading", gold as "Range trading", and silver as "Range trading" [1][12][14][19] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are rated as "Oscillating"; polyolefin as "Wide - range oscillating"; soda ash's 09 contract as "Maintain short position" [1][23][25][28][33][34][36] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are rated as "Oscillating adjustment", apple and jujube as "Oscillating weakly" [1][38][39] - **Agricultural and Livestock**: Live pigs are rated as "Short on rallies", eggs as "Short on rallies", corn as "Range oscillating", soybean meal as "Limited upside", and oils as "High - level correction risk increasing" [1][40][42][44][46][48] Core Views - The report provides investment ratings and trading suggestions for various futures products based on market conditions, supply - demand relationships, and macro - economic factors. It also analyzes the influencing factors of each product's price movement, including macro - economic data, policy changes, and industry - specific events [1][6][8][12] Summary by Directory Macro Finance - **Stock Index**: Due to weak US non - farm payroll data, internal strife within the Fed, high domestic margin trading, and the approaching mid - report disclosure period, the stock index is expected to oscillate [6] - **Treasury Bonds**: After a volatile week, the market is tired, and the stock - bond seesaw effect is obvious. After the market shock and repair caused by anti - involution expectations and Politburo Meeting uncertainties end, treasury bonds are expected to oscillate [6] Black Building Materials - **Rebar**: The price oscillated weakly last Friday. With over - optimistic macro expectations cooling and balanced supply - demand, it is recommended to wait and see or conduct short - term trading [8] - **Iron Ore**: In July, the iron ore market first rose and then fell. With increasing overseas supply and expected decline in iron water demand, it is expected to oscillate strongly and can be used as a long - leg configuration when shorting other black varieties [8][9] - **Coking Coal and Coke**: Coking coal supply has disturbances, and demand has rigid support. Coke supply has limited increase, and demand is strong. Both are expected to oscillate, and short - term key factors need to be closely monitored [10][11] Non - ferrous Metals - **Copper**: Due to the Fed's stance divergence, weak US economic data, and domestic industry policies, copper supply has disturbances, but it is in the off - season, and overseas inventory may flow back. Copper is expected to oscillate weakly, with support at 77600 [12] - **Aluminum**: With rising bauxite prices in Guinea and changes in supply and demand of alumina and electrolytic aluminum, it is recommended to buy on dips after a pullback [14] - **Nickel**: In the medium - to - long term, the nickel industry has over - supply, and demand growth is limited. It is recommended to short on rallies, with a reference range of 118000 - 124000 yuan/ton for the main contract [19] - **Tin**: With improving tin ore supply and weak downstream demand, it is recommended for range trading, with a reference range of 250,000 - 272,000 yuan/ton for the 09 contract [20] - **Gold and Silver**: After the weak US non - farm payroll data, the market's expectation of a September interest rate cut has increased. However, considering the Fed's stance and concerns about the US fiscal situation, it is recommended to buy on dips after a pullback [21][22] Energy and Chemicals - **PVC**: With high upstream production pressure, uncertain export sustainability, and insufficient fundamental support, it is expected to oscillate in the short term, with the 09 contract focusing on 4950 - 5150 [23][24] - **Caustic Soda**: With high supply, rigid but slow - growing demand, and the influence of macro factors, it is expected to oscillate, with the 09 contract focusing on 2500 - 2600 [25][26] - **Styrene**: With limited fundamental positives and a warming macro - environment, it is expected to oscillate, focusing on 7200 - 7500 [28][29] - **Rubber**: With high raw material costs and inventory changes, rubber is expected to oscillate, with pressure at 15000 [30][32] - **Urea**: With a slight decrease in supply, increasing demand from compound fertilizer enterprises, and stable industrial demand, it is expected to first weaken and then strengthen, with support at 1700 - 1730 and pressure at 1820 - 1850 [33] - **Methanol**: With a slight increase in supply, stable demand from methanol - to - olefins, and weak traditional demand, it is expected to oscillate in the short term [34][35] - **Polyolefin**: Affected by macro factors and cost support, with weak demand in the off - season and slight inventory reduction, it is expected to correct in the short term, with the L2509 contract focusing on 7200 - 7500 and the PP2509 contract on 6900 - 7200 [35][36] - **Soda Ash**: With increasing supply and weak demand, the 09 contract is recommended to maintain a short position [36][37] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With an increase in global cotton production and consumption in the new season, and weak downstream consumption, it is expected to oscillate and adjust [38] - **Apple**: With slow apple shipments and normal new - fruit growth, prices are under pressure and are expected to oscillate weakly [38][39] - **Jujube**: With the growth of jujube trees in Xinjiang and changes in the market supply and demand in the sales area, it is expected to oscillate weakly in the short term [39] Agricultural and Livestock - **Live Pigs**: With increasing supply and weak demand, the futures are under pressure. It is recommended to short on rallies for the 11 and 01 contracts and pay attention to the 05 - 03 spread arbitrage [40][42] - **Eggs**: With short - term seasonal factors and long - term supply pressure, it is recommended to short on rallies for the 09 contract and go long on dips for the 12 and 01 contracts [42][44] - **Corn**: With short - term supply - demand games and long - term supply tightening, it is recommended for range trading and to pay attention to the 9 - 1 reverse spread arbitrage [44][45] - **Soybean Meal**: With sufficient supply in the short term and potential supply gaps in the long term, it is recommended to be cautious about going long in the short term and go long on dips in the long term [46][47] - **Oils**: With increasing short - term correction risks and limited correction amplitudes, it is recommended to take profits on existing long positions and pay attention to the soybean - palm oil 09 spread rebound strategy [48][52]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Views - **Stock Index**: Trump signed a new tariff executive order effective August 1, maintaining the minimum reciprocal tariff rate at 10%. The US core PCE price index in June reached a 4 - month high of 2.8% year - on - year. The Bank of Japan kept interest rates unchanged and raised inflation forecasts. The State Council passed relevant AI - related opinions and implemented loan interest subsidy policies. With high margin trading in China, a decline in fund holding ratios, and the Politburo meeting not exceeding expectations, the stock index may fluctuate in late August during the intensive semi - annual report disclosure period [1]. - **Treasury Bonds**: The external environment has not deteriorated significantly. With policy focus on consumption, market mechanisms, and capital market stability in the second half of the year, the rising market risk appetite may restrict the bond market. Some investors are reducing positions, and there are still differences in the market outlook [3]. 3. Strategy Suggestions - **Stock Index**: Expected to move in a volatile manner [2]. - **Treasury Bonds**: Expected to move in a volatile manner [3]. 4. Market Review - **Stock Index**: On July 31, 2025, the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures fell by 1.77%, 1.44%, 1.38%, and 0.88% respectively [5][7]. - **Treasury Bonds**: On July 31, 2025, the 10 - year, 5 - year, 30 - year, and 2 - year main contracts of treasury bond futures rose by 0.17%, 0.08%, 0.57%, and 0.01% respectively [6][7]. 5. Technical Analysis - **Stock Index**: The RSI indicator shows that the market has a callback risk [5]. - **Treasury Bonds**: The RSI indicator shows that the T main contract may rebound [6].

Report Industry Investment Ratings - **Macro Finance**: Index futures are expected to fluctuate, while treasury bonds are expected to weaken [6]. - **Black Building Materials**: Rebar and iron ore are expected to fluctuate, and double - coking coal is also expected to fluctuate [8][9]. - **Non - ferrous Metals**: Copper, aluminum, nickel, tin, silver, and gold are expected to trade in ranges or be neutral, with suggestions for corresponding trading strategies [11][13][18][20]. - **Energy Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to fluctuate, and soda ash's 09 contract is recommended for light - short attempts [22][24][26][28][31][33][35]. - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to adjust in a fluctuating manner, while apples and jujubes are expected to be weak in a fluctuating market [36][37][38]. - **Agricultural and Livestock**: Pigs and eggs are recommended to go short on rallies, corn and soybean meal are expected to trade in ranges, and oils are at high - level with an increased risk of correction [40][42][43][45][47]. Core Views - The global economic and policy environment is complex, with factors such as trade policies, inflation, and central bank policies affecting various commodity markets. For example, Trump's new tariff executive order, changes in the US inflation index, and central bank policies in the US and Japan all impact the market [6]. - Different commodity markets have their own supply - demand characteristics. For instance, the supply - demand of rebar is relatively balanced, while PVC has a weak supply - demand situation overall due to factors like export uncertainties and production capacity pressure [8][23]. - Market sentiment and macro - policies also play important roles. The "anti - involution" sentiment and government policies on consumption, investment, and industry all affect market expectations and commodity prices [6][23]. Summary by Relevant Catalogs Macro Finance - **Index Futures**: Affected by factors such as Trump's tariff order, US inflation data, and domestic policies, the index futures are expected to fluctuate, especially with potential small fluctuations during the mid - August earnings report disclosure period [6]. - **Treasury Bonds**: After a phased rebound, the bond market may be restricted by the improved market risk - appetite and policy focus on consumption, market competition, and capital market stability, and is expected to weaken [6]. Black Building Materials - **Rebar**: After a sharp decline on Thursday, considering factors like the end of Sino - US talks, changes in market expectations, and the relatively balanced supply - demand in the industry, it is expected to enter a fluctuating pattern, with suggestions for waiting and watching or short - term trading [8]. - **Iron Ore**: With the market starting to trade the expectation of military parade production cuts after the end - of - month meeting, and considering factors such as supply and demand and the support from the steel and coal markets, it is expected to fluctuate at a high level [8]. - **Double - Coking Coal**: The coking coal market has a supply - demand pattern of "continuous supply disturbances and cautious demand waiting - and - watching", and the coke market has a tight supply - demand pattern with an expectation of a fifth - round price increase, but both are expected to fluctuate [9]. Non - ferrous Metals - **Copper**: Affected by factors such as the US copper import tariff policy, changes in domestic and foreign supply - demand, and the uncertainty of tariffs, the copper price is expected to enter a range - trading situation again [11]. - **Aluminum**: Due to factors like changes in the price of bauxite, the increase in alumina production capacity, and the weakening of downstream demand, the aluminum price is under pressure and is expected to be weak in a fluctuating market [13]. - **Nickel**: In the medium - long term, the nickel industry has an oversupply situation with limited consumption growth, and the nickel price is expected to fluctuate, with a suggestion to short on rallies [18]. - **Tin**: With the improvement of the tin ore supply - demand gap and the recovery of the semiconductor industry, the tin price is expected to be supported and trade in a range [19]. - **Silver and Gold**: Affected by trade negotiation results, US economic data, and tariff policy expectations, precious metals are expected to trade in ranges with support at lower levels [20][21]. Energy Chemicals - **PVC**: Although the inventory is slightly lower than last year, the sustainability of exports is questionable, and the upstream production capacity pressure is large. It is expected to fluctuate in the short term, with a focus on the 4950 - 5150 range for the 09 contract [23]. - **Caustic Soda**: Currently, the supply is high, and the demand is in a weak season, but there is support from the peak - season demand in the long term. It is expected to fluctuate, with a focus on the 2500 - 2600 range for the 09 contract [25]. - **Styrene**: With limited fundamental positives and a warm macro - environment, it is expected to fluctuate, with a focus on the 7200 - 7500 range [27]. - **Rubber**: With cost support and general downstream demand, it is expected to fluctuate, with a focus on the 15000 pressure level [29]. - **Urea**: The supply is decreasing, and the demand is expected to increase. It is expected to be neutral, with a price trend of first weakening and then strengthening [32]. - **Methanol**: The supply is increasing slightly, and the demand is stable. It is expected to fluctuate in the short term due to the impact of overall industrial product prices [33]. - **Polyolefins**: Affected by macro - sentiment and cost factors, and with weak downstream demand in the off - season, it is expected to correct in the short term, with a focus on specific price ranges for different contracts [35]. - **Soda Ash**: After the positive feedback, the soda ash price is over - estimated, and the 09 contract is recommended for light - short attempts [35]. Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Global cotton production and consumption are both increasing, and with the expected good production in Xinjiang and weak downstream consumption, it is expected to adjust in a fluctuating manner [36]. - **Apples**: With slow sales and normal new - fruit growth, the apple price is under pressure and is expected to be weak in a fluctuating market [37]. - **Jujubes**: Considering the growth situation in the production area and the market situation in the sales area, the jujube futures price is expected to be weak in a fluctuating market in the short term [39]. Agricultural and Livestock - **Pigs**: In the short term, the pig price is supported by farmers' resistance to selling and secondary fattening, but in the long term, the supply is increasing. Different contracts have different price trends and trading strategies [40][42]. - **Eggs**: In the short term, the egg price is driven by seasonal factors but is restricted by supply. In the long term, the supply situation is complex. Different contracts have corresponding trading suggestions [42]. - **Corn**: The short - term supply - demand game is intense, and the price is expected to trade in a range, with an opportunity for a 9 - 1 reverse - spread arbitrage [43][44]. - **Soybean Meal**: In the short term, it is affected by factors such as good weather and sufficient supply, and in the long term, there are potential supply shortages. Different contracts have corresponding trading strategies [45][46]. - **Oils**: The short - term risk of high - level correction is increasing, but the correction range is limited. There are suggestions for position - taking and arbitrage [47][53].

Report Industry Investment Ratings - **Macro Finance**: Index futures are expected to fluctuate, while treasury bonds are expected to weaken [1][6]. - **Black Building Materials**: Rebar, iron ore, and coking coal and coke are expected to fluctuate [1][9]. - **Non - ferrous Metals**: Copper, aluminum, nickel, tin, gold, and silver are expected to trade within a range or be observed [1][12]. - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are expected to fluctuate; polyolefins are expected to have wide - range fluctuations; short - term short positions are recommended for soda ash's 09 contract [1][23]. - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are expected to adjust in a fluctuating manner; apples and jujubes are expected to be strong in a fluctuating market [1][38]. - **Agriculture and Animal Husbandry**: Pigs and eggs are recommended to be short - sold on rallies; corn and soybean meal are expected to trade within a range; oils are expected to be strong in a fluctuating market [1][41]. Core Views The report analyzes the market trends of various futures varieties based on global economic data, trade policies, and supply - demand fundamentals. Factors such as trade frictions, economic data releases, and policy changes have significant impacts on futures prices. Each variety has its own unique supply - demand situation and influencing factors, resulting in different price trends and investment suggestions [6][9][12]. Summary by Related Catalogs Macro Finance - **Index Futures**: With various international trade policies, economic data, and domestic policy factors, the index futures are expected to fluctuate. The dense disclosure period of mid - year reports in late August may lead to minor fluctuations [6]. - **Treasury Bonds**: The market risk appetite has significantly increased, which may still restrict the bond market. Although there was a phased rebound on Wednesday, it is expected to weaken in a fluctuating manner [7]. Black Building Materials - **Rebar**: After the Sino - US talks and the Politburo meeting, the over - optimistic expectations have cooled. The supply and demand are in a relatively balanced state, and it is expected to enter a short - term fluctuating pattern [9]. - **Iron Ore**: Although there are expectations of production cuts for the military parade, the high profit of domestic finished products and export situation support the iron ore price. It is expected to adjust and fluctuate at a high level [9]. - **Coking Coal and Coke**: The coking coal market has supply disturbances and cautious demand. The coke market has a tight supply - demand pattern, and there is still an expectation of a fifth price increase [10]. Non - ferrous Metals - **Copper**: Affected by trade policies and seasonal factors, the copper price is expected to enter a range - bound trading situation [12]. - **Aluminum**: Due to factors such as changes in bauxite prices, production capacity changes, and weakening downstream demand, the aluminum price is recommended to be observed [14]. - **Nickel**: The nickel industry has an oversupply situation in the medium and long term, and it is recommended to short - sell on rallies [18]. - **Tin**: The supply and demand gap of tin ore is improving, and it is recommended to conduct range - bound trading [19]. - **Silver and Gold**: With the decline in market risk aversion, the precious metal prices are weakly fluctuating, but there is support at the bottom, and range - bound trading is recommended [20]. Energy and Chemicals - **PVC**: With high supply, uncertain export sustainability, and policy - driven expectations, it is expected to fluctuate in the short term [24]. - **Caustic Soda**: The supply is abundant, the demand growth is slowing down, and it is expected to fluctuate. There may be opportunities to go long on dips for the far - month 10 contract [26]. - **Styrene**: The fundamentals have limited positive factors, and the macro - environment is relatively warm. It is expected to fluctuate [29]. - **Rubber**: Supported by cost and with the end of the price correction, it is expected to be strong in a fluctuating market [31]. - **Urea**: The supply is slightly reduced, the demand is gradually increasing, and the price is expected to be weak first and then strong [32]. - **Methanol**: The supply and demand are stabilizing, and it is expected to fluctuate in the short term [34]. - **Polyolefins**: Affected by the macro - environment and supply - demand fundamentals, it is expected to decline in the short term [35]. - **Soda Ash**: After the positive feedback, the price is over - estimated, and short - term short positions are recommended for the 09 contract [36]. Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With an increase in global cotton production and consumption, and a relatively tight spot market, the price is expected to adjust in a fluctuating manner [38]. - **Apples**: With low inventory, the price is expected to remain high and strong in a fluctuating market [39]. - **Jujubes**: With good second - and third - crop flower fruit - setting and strong demand in the sales area, the price is expected to be strong in the short term [39]. Agriculture and Animal Husbandry - **Pigs**: With weak supply - demand fundamentals, short - selling on rallies is recommended, and attention can be paid to the long 05 and short 03 arbitrage [41]. - **Eggs**: In the short term, the price increase is limited due to supply and demand factors. In the fourth quarter, the supply pressure may ease. Short - selling on rallies is recommended for the 09 contract, and long - buying on dips is recommended for the 12 and 01 contracts [43]. - **Corn**: The short - term supply and demand are in a game, and range - bound trading is recommended. Attention can be paid to the 9 - 1 reverse arbitrage [44]. - **Soybean Meal**: In the short term, it is recommended to be cautious when going long; in the medium and long term, long positions can be established on dips [46]. - **Oils**: Supported by various factors, short - term long positions are recommended for the 09 contracts of soybean oil, palm oil, and rapeseed oil, and attention can be paid to the spread rebound strategy of soybean oil and palm oil's 09 contracts [48].

1. Report Industry Investment Rating No information provided. 2. Core Views Stock Index - The Federal Reserve has kept rates unchanged for five consecutive meetings. The initial estimate of the annualized quarterly growth rate of the US Q2 real GDP is 3%, better than expected. The Political Bureau of the CPC Central Committee held a meeting to decide to convene the Fourth Plenary Session of the 20th CPC Central Committee and analyze and study the current economic situation and economic work. China's preliminary budget for child - rearing subsidies is 90 billion yuan, and applications will be accepted in late August. Domestic margin trading has reached a high level, while the proportion of fund holdings has declined, showing a divergent trend. Coupled with the fact that the Political Bureau meeting did not exceed expectations, there may be small fluctuations during the intensive disclosure period of mid - year reports in late August, and the stock index may fluctuate. [1] Treasury Bonds - At present, the external environment has not deteriorated significantly. Coupled with the fact that the focus of policy efforts in the second half of the year is on boosting consumption, optimizing the market competition mechanism, and ensuring the stable operation of the capital market, etc., against the background of a significant increase in market risk appetite, it may still pose certain constraints on the bond market. Whether it can fully recover to the starting point of this round of adjustment remains to be seen. [2] 3. Strategy Recommendations Stock Index - Fluctuate [1] Treasury Bonds - Fluctuate weakly [2] 4. Market Review Stock Index - The main contract futures of the CSI 300 index rose 0.04%, the main contract futures of the SSE 50 index rose 0.28%, the main contract futures of the CSI 500 index fell 0.42%, and the main contract futures of the CSI 1000 index fell 0.43%. [4] Treasury Bonds - The 10 - year main contract rose 0.15%, the 5 - year main contract rose 0.08%, the 30 - year main contract rose 0.40%, and the 2 - year main contract rose 0.03%. [5] 5. Technical Analysis Stock Index - The RSI indicator shows that the broader market has a risk of correction. [4] Treasury Bonds - The RSI indicator shows that the T main contract may rebound. [5] 6. Futures Data | Date | Futures Variety | Closing Price (Yuan/Contract) | Change (%) | Trading Volume (Lots) | Open Interest (Lots) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025 - 07 - 30 | CSI 300 Continuous | 4,136.40 | 0.04 | 81,931 | 162,604 | | 2025 - 07 - 30 | SSE 50 Continuous | 2,820.00 | 0.28 | 46,511 | 64,619 | | 2025 - 07 - 30 | CSI 500 Continuous | 6,215.40 | - 0.42 | 58,280 | 108,507 | | 2025 - 07 - 30 | CSI 1000 Continuous | 6,604.20 | - 0.43 | 144,840 | 185,002 | | 2025 - 07 - 30 | 10 - year Treasury Bond Continuous | 108.30 | 0.15 | 86,268 | 183,354 | | 2025 - 07 - 30 | 5 - year Treasury Bond Continuous | 105.63 | 0.08 | 72,345 | 141,731 | | 2025 - 07 - 30 | 30 - year Treasury Bond Continuous | 118.36 | 0.40 | 159,171 | 115,352 | | 2025 - 07 - 30 | 2 - year Treasury Bond Continuous | 102.34 | 0.03 | 38,836 | 98,577 | [6]