美国8月通胀预期抬升，中国7月经济数据下滑

1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report - The US economic data shows resilience, but inflation expectations are rising, and the future inflation pressure still faces upward risks. The short - term gold price is in a weak shock, and the US dollar index is in a high - level shock. The Chinese stock market may continue to rise in the short - term, but there are risks of high - level fluctuations. The prices of various commodities have different trends, with some expected to be in a shock pattern, some to rise, and some to fall [14][18][21] 3. Summaries According to Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The initial value of the University of Michigan consumer confidence index in the US in August was 58.6, lower than expected. The 1 - year and 5 - year inflation expectations increased. The retail sales in July rebounded as expected, and the previous value was revised upward. The short - term gold price is in a weak shock, and investors should pay attention to the callback risk [13][14][15] 3.1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - Trump and Putin met, and EU and NATO leaders will go to Washington. The US - Russia talks did not reach an agreement. The US may put pressure on Ukraine for "territory for peace". The US dollar index is expected to be in a high - level shock [16][18][19] 3.1.3 Macro Strategy (Stock Index Futures) - China's economic data in July declined. The stock market's upward trend deviated from the economic fundamentals slightly. It may continue to rise in the short - term, but there are risks of high - level fluctuations. It is recommended to allocate assets evenly [20][21][22] 3.1.4 Macro Strategy (US Stock Index Futures) - US consumer confidence declined, inflation expectations rose, and the economy showed a slight stagflation trend. The Fed's future interest - rate cut rhythm is uncertain. The market risk preference is supported, but the risk of inflation rebound may increase market volatility [24][25][26] 3.1.5 Macro Strategy (Treasury Bond Futures) - China's economic data in July declined comprehensively. The demand is weak, and the bond market environment is not optimistic. If the stock market rises rapidly, the interest - rate center may rise. It is recommended to pay attention to short - hedging strategies [27][28][29] 3.2 Commodity News and Comments 3.2.1 Black Metal (Steam Coal) - The price of steam coal in Beigang was stable on August 15. The coal price is expected to enter the seasonal off - season, and attention should be paid to the downward space and its impact on market sentiment [30][31][32] 3.2.2 Black Metal (Iron Ore) - The production of India's NMDC in the first quarter of fiscal year 2026 increased significantly. The iron ore price is expected to be in a shock pattern in the short - term, and the iron water may decline slightly [33][34][36] 3.2.3 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia confiscated 3.1 million hectares of illegal palm oil plantations, and the export of Malaysian palm oil from August 1 - 15 increased by 16.5%. The palm oil price is expected to continue to rise, and it is recommended to go long. The international soybean oil price is affected by policies, and the domestic soybean oil price is expected to rise [37][38] 3.2.4 Agricultural Products (Soybean Meal) - NOPA members' soybean crushing volume in July reached a six - month high. The domestic soybean meal supply is abundant. Attention should be paid to Sino - US relations and US soybean production areas' weather [39][41] 3.2.5 Agricultural Products (Cotton) - India's cotton inventory and demand in the 2024/25 season increased. Brazil's cotton production was slightly adjusted down. The new - year US cotton export signing was okay, but the overall progress was slow. The short - term cotton price is expected to be in a low - level shock, and the Zhengzhou cotton price may be in a strong shock in the short - term but not optimistic in the fourth quarter [42][43][46] 3.2.6 Agricultural Products (Sugar) - Brazil's port sugar waiting to be shipped decreased. The sugar production in the central and southern regions decreased slightly, but the sugar - making ratio reached a new high. The international sugar price is expected to be in a weak shock in the short - term, and the Zhengzhou sugar price is expected to be in a shock pattern, with the 1 - month contract suitable for buying on dips [47][50][52] 3.2.7 Black Metal (Rebar/Hot - Rolled Coil) - South Korean steel mills applied for an anti - dumping investigation on Chinese steel products. China's steel production in July decreased year - on - year, and real estate investment declined. The steel price is expected to be in a weak shock, and attention should be paid to the actual demand [53][54][57] 3.2.8 Agricultural Products (Corn Starch) - The cassava starch inventory is high and difficult to reduce. The starch supply - demand is weak. The CS09 - C09 spread is affected by different factors at different times [58][59] 3.2.9 Agricultural Products (Corn) - The成交 rate of imported corn auctions increased slightly. The corn inventory is not loose. The 11 and 01 contracts may have a downward space, and attention can be paid to the 11 - 3 reverse spread [60] 3.2.10 Non - Ferrous Metals (Alumina) - Two batches of alumina in Western Australia were traded. The alumina industry profit is good, and the supply is slowly increasing, with the futures price under pressure. It is recommended to wait and see [61][62] 3.2.11 Non - Ferrous Metals (Nickel) - The Shanghai nickel futures inventory increased. The macro - environment has uncertainties, and the nickel market supply and demand have different characteristics. Different strategies can be considered for different time horizons [63][64][65] 3.2.12 Non - Ferrous Metals (Copper) - Antofagasta expects its medium - term copper production to increase by more than 30%. The LME promotes market structure reform. The macro - factors support the copper price in stages, but there are risks of repetition. It is recommended to wait and see and pay attention to the internal - external reverse spread [66][67][68] 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - Sigma Lithium's lithium production increased in the second quarter, and the cost decreased. The lithium carbonate price is expected to be strong in the short - term, and it is recommended to hold long positions and pay attention to buying on dips [69][70] 3.2.14 Non - Ferrous Metals (Polysilicon) - There are rumors of a shortage and price increase of photovoltaic components. The polysilicon inventory increased, and the production is expected to rise. The short - term price is expected to be in a shock pattern, and different strategies can be considered for long and short positions [71][73][74] 3.2.15 Non - Ferrous Metals (Industrial Silicon) - The production of industrial silicon in Xinjiang increased slightly. The overall supply and demand are in a state of de - stocking, but there are uncertainties. It is recommended to go long on dips [75][76] 3.2.16 Non - Ferrous Metals (Lead) - The LME lead spread is at a discount. The lead supply and demand are both weak, and it is recommended to wait and see [77][78] 3.2.17 Non - Ferrous Metals (Zinc) - The LME zinc spread is at a discount. The external market has structural risks, and the domestic market is in a state of inventory accumulation. Different strategies can be considered for different trading angles [79] 3.2.18 Energy Chemicals (Carbon Emissions) - The EU carbon price decreased slightly. The carbon price is expected to be in a narrow - range shock in the short - term [80][81] 3.2.19 Energy Chemicals (Crude Oil) - The number of US oil rigs increased. Trump said not to impose tariffs on China's purchase of Russian oil for the time being. The short - term oil price is expected to be in a range - bound shock [82][83][84] 3.2.20 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong increased locally. The caustic soda market is expected to be in a shock pattern [85][86] 3.2.21 Energy Chemicals (Pulp) - The import pulp market is mostly stable, and the short - term pulp price is expected to be in a shock pattern [87][88] 3.2.22 Energy Chemicals (PVC) - The domestic PVC powder market is in a weak adjustment. The PVC price is expected to be in a shock pattern [89] 3.2.23 Energy Chemicals (PX) - The PX market is in a light trading atmosphere. The PX price is expected to be in a shock adjustment in the short - term [90][91][92] 3.2.24 Energy Chemicals (PTA) - The PTA spot basis is stable. The PTA price is expected to be in a shock adjustment in the short - term, and attention should be paid to the demand change from the off - season to the peak season [92][93][94] 3.2.25 Energy Chemicals (Bottle Chips) - The bottle chip factory's export price is stable with a slight increase. The bottle chip price follows the polyester raw materials' price, and the industry's production reduction effect is gradually emerging [95][96][98] 3.2.26 Energy Chemicals (Soda Ash) - The soda ash market in South China is weak and stable. The soda ash price is expected to have large fluctuations, and investors should manage their positions well [99] 3.2.27 Energy Chemicals (Float Glass) - The float glass price in Hubei decreased. The glass price is expected to be in a shock pattern, and it is recommended to focus on arbitrage operations [100] 3.2.28 Shipping Index (Container Freight Rate) - The US container imports in July increased sharply. The container freight rate is expected to continue to decline, and the previous 10 - month short positions can be held,，and attention should be paid to the National Day empty - flight situation [101][103][104]