广发早知道：汇总版-20250820

1. Report Industry Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views of the Report - The A - share market is in high - level oscillation with sector rotation. Futures of various commodities show different trends based on their respective fundamentals, including supply, demand, and macro - economic factors [2][4]. - The bond market is affected by factors such as reverse repurchase operations and stock market trends. It is expected to have limited adjustment and requires certain factors to stabilize [6]. - Precious metals are under pressure due to the strengthening of the US dollar and are waiting for the Fed Chairman's statement at the central bank meeting [7]. - The shipping index shows different trends in different routes, and the container shipping futures are expected to be weakly volatile [11]. - The prices of non - ferrous metals are affected by factors such as macro - economic environment, supply - demand relationship, and inventory. Most of them are expected to be in a range - bound state [13]. - The prices of black metals are influenced by cost, supply, demand, and inventory. Short - term trends vary, and some suggest short - term short - selling operations [41]. - Agricultural products have different outlooks. Meal products have long - term bullish expectations, while the trends of pigs, corn, etc. are affected by supply, demand, and seasonal factors [56]. 3. Summary by Catalog Financial Derivatives Financial Futures - Stock Index Futures: The A - share market had a high - level oscillation on Tuesday. The main stock indexes rose in the morning and fell back in the late trading. The four major stock index futures contracts also declined. The market is affected by domestic and overseas news and capital flows. It is expected to enter a high - level oscillation and wait for the decision of the policy direction. It is recommended to buy put options to protect long positions or partially take profits [2][3][4]. - Treasury Bond Futures: Treasury bond futures closed up across the board. The yields of most major interest - rate bonds in the inter - bank market declined. The market is affected by reverse repurchase operations and stock market trends. It is expected to be limited in adjustment. It is recommended to wait and see in the short term [5][6]. Precious Metals - Gold and silver prices declined due to the strengthening of the US dollar. The market is waiting for the Fed Chairman's statement at the Jackson Hole Global Central Bank Annual Meeting. Gold is recommended to build a bull spread strategy through call options at low prices after the price correction, and silver is recommended to maintain a low - buying idea [7][9][10]. Container Shipping Futures on European Routes - The spot prices of container shipping are in a downward phase, and the futures are expected to be weakly volatile. It is recommended to hold short positions in the 10 - contract [11][12]. Commodity Futures Non - Ferrous Metals - Copper: The copper market has weak driving forces and shows narrow - range oscillation. The price is affected by the "stagflation - like" environment and inflation expectations. It is expected to be range - bound in the short term, with the main contract referring to 78000 - 79500 [13][17]. - Alumina: The alumina market is under pressure due to the continuous increase of warehouse receipts. The supply is expected to increase in the medium term, and it is recommended to short at high prices [17][18][19]. - Aluminum: The aluminum price is expected to be range - bound in the short term. The supply is stable with a slight increase, while the demand is in the off - season, and the terminal consumption recovery is weak. The main contract refers to 20000 - 21000 [19][20][21]. - Aluminum Alloy: The aluminum alloy market is in a state of weak supply and demand. The price is expected to be range - bound, and the aluminum alloy - aluminum price difference is expected to converge. It is recommended to refer to the 19600 - 20400 range and consider arbitrage operations [22][24]. - Zinc: The zinc price is oscillating weakly. The supply is expected to be loose, and the demand is in the off - season. It is expected to be range - bound, with the main contract referring to 22000 - 23000 [24][27]. - Tin: The tin price is oscillating with limited short - term driving forces. It is recommended to wait and see, and the follow - up depends on the recovery of tin mines in Myanmar [28][30]. - Nickel: The nickel price is in a narrow - range oscillation, and the fundamentals change little. It is expected to be range - bound, with the main contract referring to 118000 - 126000 [30][32][33]. - Stainless Steel: The stainless - steel price is oscillating weakly. The cost provides support, but the demand is still a drag. It is expected to be range - bound, with the main contract referring to 12800 - 13500 [33][36]. - Lithium Carbonate: The lithium carbonate price is expected to be in a strong - range wide - amplitude oscillation. The fundamentals are marginally improved, and it is recommended to wait and see cautiously and try to go long lightly at low prices [37][40]. Black Metals - Steel: The steel price has broken through the support level. It is recommended to try short - selling in the 3380 - 3400 range of the October contract [41][44]. - Iron Ore: The iron - ore price follows the steel price. It is recommended to short at high prices due to factors such as supply, demand, and inventory [45][48]. - Coking Coal: The coking - coal futures have peaked and declined. It is recommended to short at high prices and conduct reverse arbitrage for the 9 - 1 spread [49][52]. - Coke: The coke futures are oscillating downwards. It is recommended to short the 2601 contract at high prices and conduct positive arbitrage for the 9 - 1 spread [53][55]. Agricultural Products - Meal Products: The meal products have strong cost support, and the long - term bullish expectation remains unchanged. It is recommended to go long at low prices [56][58]. - Pigs: The pig spot price is oscillating at a low level. It is recommended to wait and see due to factors such as supply, demand, and market sentiment [59][60]. - Corn: The corn price is oscillating weakly due to supply pressure. It is recommended to pay attention to the growth of new - season corn [61][62].