中国期货每日简报-20250807

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On August 6, equity indices and CGB futures rose; most commodities gained ground, with coking coal, silicon metal, and poly-silicon leading the gains [2][4][12][14] - The top three gainers are coking coal, ferrosilicon, and silicon metal, while the top three decliners are rapeseed, sodium hydroxide, and crude oil [12][13][14] - The State Council General Office issued opinions to gradually promote free preschool education, and South Korea will implement a temporary visa - free policy for Chinese group tourists starting from September 29 [38] - As of August 5, the A - share margin trading balance returned to 2 trillion yuan, and the effective client scale of the futures market exceeded 2.6 million, hitting a record high [39][40] Summary by Directory 1. China Futures 1.1 Overview - On August 6, equity indices and CGB futures rose; most commodities gained ground. Coking coal rose 6.5% with open interest up 14.7% month - on - month; ferrosilicon rose 4.3% with open interest up 0.4% month - on - month; silicon metal rose 3.6% with open interest down 0.0% month - on - month. The top three decliners are rapeseed, sodium hydroxide, and crude oil [12][14] 1.2 Daily Raise 1.2.1 Coking Coal - On August 6, coking coal increased by 6.5% to 1221 yuan/ton. Supply has not fully recovered, short - term fundamentals provide support, and the futures market is expected to remain range - bound. Some Inner Mongolia coal mines resumed production, while some Shanxi coal mines suspended production. Mongolian coal import through Ganqimaodu Port remained above 1,000 trucks. Demand is rigid, but downstream wait - and - see sentiment increased [18][19][20] 1.2.2 Poly - Silicon - On August 6, poly - silicon increased by 3.2% to 51345 yuan/ton. The anti - involution policy boosted the price, but there is a risk of reverse fluctuations if policy expectations fade. Supply is expected to rise with the arrival of the high - water season, and demand may weaken considering the decline in photovoltaic installations in the second half of the year [25][27][28] 1.3 Daily Drop 1.3.1 Crude Oil - On August 6, crude oil decreased by 0.6% to 505.9 yuan/barrel. It is in a short - term fluctuating state. Attention should be paid to the implementation of U.S. sanctions against Russia. Overnight oil prices closed lower, geopolitical factors are mixed, inventories show certain trends, and refinery high -开工 sustainability is limited [31][32][33] 2. China News 2.1 Macro News - The State Council General Office issued "Opinions on Gradually Promoting Free Preschool Education", waiving childcare and education fees for children in the last year of preschool education in public kindergartens from the 2025 autumn semester. South Korea will implement a temporary visa - free policy for Chinese group tourists starting from September 29 [38] 2.2 Industry News - As of August 5, the A - share margin trading balance reached 2 trillion yuan. In the first half of 2025, the futures market added 410,000 new clients, and as of the end of June 2025, the total number of effective clients climbed to 2.61 million, a record high [39][40]