中国期货每日简报-20250722

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On July 21, equity index futures rose while CGB futures fell; most commodity futures gained, with metals and energy & chemicals sectors leading the gains [2][9][11]. - The top three gainers were aluminium oxide, coking coal, and glass, while the top three decliners were SCFIS(Europe), cotton, and Chinese jujube [9][10][11]. - The President of the European Council and the President of the European Commission will visit China and hold the 25th China - EU leaders' meeting; the July LPR quotation shows both 5 - year and 1 - year rates remain unchanged [2][32]. - As of mid - July this year, there have been 52 IPOs in Hong Kong, a year - on - year increase of 30%, with a total funds raised of HK$124 billion, a year - on - year rise of 590%, and the Hang Seng Index has risen by 25.3% cumulatively since the beginning of this year [33]. Summary by Directory 1. China Futures 1.1 Overview - On July 21, equity index futures rose, CGB futures fell, and most commodity futures gained. The top gainers were aluminium oxide (8.4% increase, 5.3% month - on - month increase in positions), coking coal (7.9% increase, 5.1% month - on - month decrease in positions), and glass (7.1% increase, 18.3% month - on - month decrease in positions). The top decliners were SCFIS(Europe) (2.4% decrease, 0.4% month - on - month decrease in positions), cotton (0.8% decrease, 3.7% month - on - month decrease in positions), and Chinese jujube (0.7% decrease, 2.9% month - on - month increase in positions) [9][10][11]. 1.2 Daily Rise 1.2.1 Aluminum Oxide - On July 21, aluminum oxide increased by 8.4% to 3386 yuan/ton. Short - term squeeze risk and anti - involution sentiment drove up the futures. Operating capacity is gradually recovering, and inventories are accumulating. The impact of the new non - ferrous industry growth - stabilizing plan on the supply of the surplus aluminium oxide sector remains to be seen. It is expected to fluctuate strongly in the short term [15][16][17]. 1.2.2 Coking Coal - On July 21, coking coal increased by 7.9% to 1006 yuan/ton. Domestic coal mine recovery is slow, and Mongolian coal customs clearance is gradually picking up. With strong rigid demand and market sentiment, coking coal prices are prone to rise in the short term, and the futures market is expected to fluctuate [20][21][22]. 1.2.3 Glass - On July 21, glass increased by 7.1% to 1173 yuan/ton. Demand is marginally weakening, supply pressure is expected to rise, and fundamentals are weak. With low mid - stream inventories, there is a risk of speculative pull on prices. It is expected to fluctuate in the short term [25][26][27]. 2. China News 2.1 Macro News - The President of the European Council Carlos Moedas and the President of the European Commission Ursula von der Leyen will visit China on July 24. President Xi Jinping will meet with them, and Premier Li Qiang will co - chair the 25th China - EU leaders' meeting. The July LPR quotation shows that the over - 5 - year LPR is 3.5% and the 1 - year LPR is 3%, both unchanged from last month [32]. 2.2 Industry News - As of mid - July this year, there have been 52 IPOs in Hong Kong, a year - on - year increase of 30%, with a total funds raised of HK$124 billion, a year - on - year rise of 590%, ranking first globally temporarily. The Hang Seng Index has risen by 25.3% cumulatively since the beginning of this year. The SAR government will continue to improve the listing system, promote stock market liquidity, and attract more high - quality enterprises to list in Hong Kong [33].