广发早知道：汇总版-20250717

Report Industry Investment Rating No relevant content provided. Core View of the Report The report comprehensively analyzes various sectors in the futures market, including financial derivatives, precious metals, shipping, and multiple commodity futures. It provides market conditions, news, capital flows, and operational suggestions for each sector, aiming to offer investors insights into market trends and potential investment opportunities [1]. Summary by Directory Financial Derivatives Financial Futures - Stock Index Futures: A-share market showed a decline with volume contraction, and structural themes were active. Four major stock index futures contracts had mixed performance. Amid new US trade policy negotiation windows, it's advisable to adopt a wait-and-see approach [2][3][4]. - Treasury Bond Futures: The bond market was in a narrow - range oscillation. With the central bank's increased open - market operations, the bond market sentiment improved. A range - bound operation strategy is recommended, and one can consider a curve - steepening strategy [5][6][7]. Precious Metals - Gold and Silver: Rumors of Trump dismissing the Fed chairman affected market sentiment, causing precious metals to rise. Gold has a long - term upward trend, but currently lacks a clear driver. Silver may have further upward potential, and it's recommended to buy on dips [8][10][11]. Container Shipping (European Routes) - Container Shipping Futures: The futures market oscillated downward. The 08 contract is expected to be strong, and it's advisable to be bullish on it [13][14]. Commodity Futures Non - ferrous Metals - Copper: US tariffs will change the supply pattern, and the market will focus on Sino - US tariff negotiations. The short - term view is a weakening oscillation [15][16][19]. - Alumina: Spot supply is temporarily tight, but the medium - term surplus pattern remains unchanged. It's recommended to short on rallies [19][20][21]. - Aluminum: High - level prices are under pressure. The short - term view is a wide - range oscillation [21][22][23]. - Aluminum Alloy: The market is in a weak state during the off - season, with a weakening oscillation expected [24][25]. - Zinc: Inventories are increasing, and demand is expected to be weak. The short - term view is an oscillation [26][28][29]. - Tin: Supply is expected to recover, and it's recommended to hold short positions [30][31][32]. - Nickel: The market oscillates strongly, but industrial overcapacity restricts upward movement. The short - term view is an interval adjustment [32][33][35]. - Stainless Steel: The market oscillates, with the short - term view being an interval operation [36][37][38]. - Lithium Carbonate: The market is strong due to news, but fundamental pressure remains. The short - term view is a strong - range oscillation [39][40][42]. Ferrous Metals - Steel: Valuation is being repaired, and the market may enter an oscillating phase [43][45]. - Iron Ore: The market is oscillating strongly. It's recommended to go long on dips and conduct a 9 - 1 positive spread operation [46][47]. - Coking Coal: Spot prices are strong, and it's recommended to go long on dips and conduct a long - iron - ore short - coking - coal spread operation [49][50][51]. - Coke: The price is expected to rebound. It's recommended to go long on dips and conduct a long - iron - ore short - coke spread operation [52][55][57]. Agricultural Products - Meal Products: US soybeans have strong bottom support, and domestic meal prices are supported by rising import costs. It's advisable to be cautiously bullish [58][59][60]. - Pigs: There is potential supply pressure, and it's recommended to go short on rallies [61][62]. - Corn: The market sentiment is weak, and the market is oscillating and correcting [63].