股指期货将震荡整理，焦煤、玻璃、纯碱期货将震荡偏弱，工业硅、多晶硅、碳酸锂期货将偏弱宽幅震荡，黄金、白银、螺纹钢、铁矿石、豆粕、豆油期货将偏弱震荡

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report Through macro - fundamental and technical analysis, the report predicts the trends of various futures on August 20, 2025, including that stock index futures will oscillate and consolidate, while some commodity futures like coking coal, glass, and soda ash futures will oscillate weakly, and industrial silicon, polysilicon, and lithium carbonate futures will have a weakly wide - range oscillation [1][2]. Summary by Relevant Catalogs 1. Futures Market Outlook - Stock Index Futures: Expected to oscillate and consolidate on August 20. Specific support and resistance levels are provided for IF2509, IH2509, IC2509, and IM2509 [2][19]. - Treasury Bond Futures: The ten - year and thirty - year treasury bond futures主力 contracts T2509 and TL2509 are likely to oscillate strongly and attack resistance levels [2]. - Precious Metal Futures: Gold and silver futures主力 contracts AU2510 and AG2510 are likely to oscillate weakly [2][3]. - Base Metal Futures: Copper, aluminum, alumina, etc. futures主力 contracts are likely to oscillate weakly [3]. - Industrial and Energy Futures: Industrial silicon, polysilicon, lithium carbonate, etc. futures主力 contracts are likely to have a weakly wide - range oscillation; coking coal, glass, and soda ash futures主力 contracts are likely to oscillate weakly [1][3]. - Agricultural Futures: Soybean meal, soybean oil, palm oil, etc. futures主力 contracts are likely to oscillate weakly [7]. 2. Macro Information and Trading Tips - Domestic Information: In July, China's general public budget revenue increased year - on - year; relevant meetings emphasized promoting consumer policies; the central bank increased re - loan quotas; unemployment rates of different age groups were announced; new regulations on personal pension were introduced; and the LME Hong Kong delivery warehouse was inaugurated [8][11]. - International Information: The US expanded steel and aluminum tariff lists, which is negative for related commodity futures; the US and Japan planned investment consultations; the US new home starts increased; the US credit rating was confirmed; and a Japanese politician called for interest rate hikes [9][10][11]. 3. Futures Market Analysis and Outlook - Stock Index Futures: On August 19, the stock index futures主力 contracts generally had weak trends, with short - term upward momentum weakening and downward pressure increasing. The A - share market was weak, but the two - margin balance continued to rise, and foreign institutions were optimistic about the Chinese stock market [13][14][15][16][17]. - Treasury Bond Futures: On August 19, the ten - year and thirty - year treasury bond futures主力 contracts had small rebounds, and the central bank conducted large - scale reverse repurchase operations [37][41]. - Commodity Futures: Different commodity futures主力 contracts had different trends on August 19, and their trends on August 20 were predicted based on technical and fundamental analysis [44][51][70][71][74][79][83][87][91][94][100][104][106][108][110][112][114][117].