Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - The polysilicon futures price turned from rising to falling on July 18, but it's too hasty to judge the price has reached the top. If the "anti - involution" policy is effectively implemented, the price still has support, and it should be treated as high - level oscillation [3][4]. - The A - share market is moderately positive with various consumption - stimulating policies, and the market is expected to continue to oscillate upwards at a high level [7][8]. - Gold has adjusted due to the Fed's decision not to cut interest rates, but the long - term upward trend remains, and it can be bought at low when it reaches an important support level [11][12]. - Iron ore's short - term trend is upward despite today's high - level decline, and a bullish mindset should be maintained [16][17]. - Glass's fundamentals haven't changed significantly, and its trend is driven by news and sentiment. The bullish trend continues [19][20]. - Methanol's port inventory is accumulating, downstream demand is weak, and it should be short - sold with a light position [22]. 3. Summary by Related Catalogs Polysilicon Futures - The polysilicon futures price had a cumulative increase of over 50% in the past 16 trading days, with the main contract rising 7.49% on the 17th, reaching a record high of 45,700 yuan/ton. But it fell 0.9% at the mid - day close on the 18th, closing at 43,620 yuan/ton. Technically, there are signs of a possible price correction, but the price may still be supported by policy and supply - demand improvements [4]. A - share Market - A - share's three major indexes opened higher, fell during the session, and then rebounded strongly at the end. With the frequent introduction of consumption - stimulating policies, it is moderately positive for A - shares, and the market is expected to continue to oscillate upwards at a high level [7][8]. Gold - The Fed's decision not to cut interest rates has reduced the expectation of rate cuts this year, causing gold to adjust. However, the long - term upward trend remains, and it can be bought at low when it reaches an important support level [11][12]. Iron Ore - The macro - environment has improved, risk appetite has increased, and the iron - making water output remains high. Although the price rose and then fell today, the upward trend remains unchanged, and a bullish mindset should be maintained [16][17]. Glass - The supply side of glass has not experienced significant losses and cold repairs, the factory inventory has decreased marginally, and the downstream deep - processing orders have weak restocking power. The fundamentals haven't changed significantly, and the trend is driven by news and sentiment. The bullish trend continues [19][20]. Methanol - This week, the unloading of foreign vessels was smooth, and the methanol port inventory continued to accumulate. The downstream demand remained weak, especially in Jiangsu where the inventory increased significantly. It should be short - sold with a light position [22].
金信期货日刊-20250721
Jin Xin Qi Huo·2025-07-21 00:02