冠通期货资讯早间报-20250729

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The domestic industrial product futures market experienced a significant correction, while international oil prices rose, and international precious metal and London base metal futures mostly declined. The A - share market was strong, and overseas markets had various developments including geopolitical events and policy - related changes [2][3][26] - Different industries had their own trends, such as the paper industry's "anti - involution" initiative, and the AI industry's large - scale project investment and policy support [10][32] Summary by Directory Overnight Night - Market Trends - Domestic industrial product futures: Six major varieties' main contracts, including coking coal, glass, etc., hit the daily limit down, and over 10 varieties like alumina and polysilicon fell more than 3%. The black - series generally declined, with coking coal down 10.25% and coke down 3.79% [2] - International oil prices: U.S. crude oil and Brent crude oil main contracts rose 2.79% and 2.87% respectively, due to the U.S. - EU trade agreement and OPEC+ production increase [2] - International precious metal futures: COMEX gold and silver futures fell 0.65% and 0.09% respectively, as the cease - fire agreement between Thailand and Cambodia reduced safe - haven demand [2] - London base metals: Most closed down, with LME tin, zinc, nickel, and copper falling to varying degrees, affected by the Fed's policy and Sino - U.S. consultations [3] Important Information Macroeconomic Information - A market supervision development planning symposium required promoting the domestic market, improving market supervision systems, and cracking down on unfair competition [6] - China hoped the U.S. would cooperate to promote Sino - U.S. economic and trade relations [6] - The Shanghai Export Container Settlement Freight Index (European route) dropped 3.5% [7] - Trump planned to shorten the time for Russia to agree to a Ukraine cease - fire [7] - Sino - U.S. economic and trade teams held talks in Stockholm [8] Energy and Chemical Futures - The Guangdong Paper Industry Association issued an "anti - involution" initiative [10] - The photovoltaic glass industry's inventory was expected to drop below 30 days by the end of July [13] - Jiangsu styrene port inventory increased, and it was expected to rise slightly [13] - OPEC+ considered another production increase and urged members to comply with quotas [13] Metal Futures - A national industrial and information technology meeting emphasized industry governance and standard construction [15] - Hong Kong's gold exports to the Chinese mainland decreased in June [16] - A Reuters survey predicted gold and silver prices for 2025 and 2026 [16] Black - Series Futures - The National Energy Administration aimed to promote a stable energy market [20] - Coking plants and steel mills adjusted coke prices [20] - Iron ore arrivals and shipments had different trends [20] Agricultural Product Futures - Domestic soybean crushing volume was high and expected to remain so [22] - Brazil's second - crop corn harvest was behind last year but progressing well [22] - U.S. soybean export inspection volume and crop growth rates were reported [24] Financial Markets Financial - A - share major indices rose, with a turnover of 1.77 trillion yuan. Hong Kong's stock market had mixed performance, and the HKEX would adjust the minimum tick size [26] - Goldman Sachs raised the target for the MSCI China Index [27] - A - share market financing balance reached a four - month high, and many companies were surveyed by institutions [30] - A - share companies' listing in Hong Kong accelerated [31] Industry - The 2025 World AI Conference had large - scale project procurement and investment [32] - Shanghai introduced policies and funds for the AI industry [32] - Shanghai planned to expand autonomous driving test areas [32] - The paper industry issued an "anti - involution" initiative [35] Overseas - Thailand and Cambodia reached a cease - fire agreement [36] - Trump proposed possible import tariffs and was disappointed with Putin [37] - The U.S. Treasury increased borrowing estimates [37] - EU - U.S. trade agreement details needed discussion [37] - The European Central Bank was cautious about reducing borrowing costs [38] - Germany planned a large - scale budget investment [39] International Stock Markets - U.S. major indices had mixed performance, with the S&P 500 and Nasdaq hitting new highs. European indices fell [42] - Hedge funds sold tech stocks rapidly [42] Commodities - Similar to the overnight night - market trends, domestic industrial product futures corrected, oil prices rose, precious metals and base metals mostly declined [43] - Oil traders expected OPEC+ to increase production, and Saudi might raise oil prices [46] Bonds - Domestic bond yields generally declined, and some institutions issued panda bonds [47][48] - U.S. bond yields had different trends affected by various factors [48] Foreign Exchange - The on - shore and offshore RMB against the U.S. dollar declined, and the U.S. dollar index rose [51]