股指期货将偏强震荡，黄金、白银、螺纹钢、铁矿石、焦煤、玻璃、纯碱期货将偏强震荡，碳酸锂期货将宽幅震荡

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis using tools such as the golden ratio line, horizontal line, and moving average, the report predicts the likely trends of various futures contracts on August 21, 2025. It anticipates that stock index futures will show a relatively strong oscillation, while some commodity futures like gold, silver, and others will also have specific trends including strong oscillation, wide - range oscillation, or weak oscillation [2]. Summary by Related Catalogs Futures Market Outlook - Stock index futures (IF2509, IH2509, IC2509, IM2509) are expected to have a relatively strong oscillation. For example, IF2509 has resistance levels at 4300 and 4330 points and support levels at 4270 and 4244 points [2]. - Ten - year and thirty - year treasury bond futures (T2509, TL2509) are likely to have a weak and wide - range oscillation, with T2509 expected to test support levels at 109.95 and 107.91 yuan and resistance levels at 108.12 and 108.19 yuan [2]. - Gold (AU2510) and silver (AG2510) futures are predicted to have a relatively strong oscillation. AU2510 will attack resistance levels at 777.3 and 779.5 yuan/gram, with support levels at 775.5 and 773.3 yuan/gram [2]. - Copper (CU2510) futures are likely to oscillate and consolidate, with support levels at 78400 and 78200 yuan/ton and resistance levels at 78800 and 79000 yuan/ton [3]. - Alumina (AO2601), industrial silicon (SI2511), polycrystalline silicon (PS2511), and other futures have their own expected trends and support/resistance levels [3]. Macro News and Trading Tips - China has a series of policy - related news, such as the promotion of major projects in Tibet, the support for the biomedical industry, and the regulation of PPP projects [7][8]. - The Fed's July meeting minutes show that almost all policymakers supported not cutting interest rates, with differences in views on inflation, employment risks, and the impact of tariffs [9]. - The US federal budget deficit is expected to reach $22.7 trillion in the next decade, higher than previous forecasts [9]. Futures Market Analysis and Outlook Stock Index Futures - On August 20, 2025, major stock index futures contracts (IF2509, IH2509, IC2509, IM2509) showed a trend of opening slightly lower, then rising after a decline. For example, IF2509 closed at 4270.0 points, up 1.16% [13]. - The A - share market showed a strong rebound in the afternoon, with the Shanghai Composite Index reaching a new ten - year high. The securities sector has performed well since August, and the scale of securities ETFs has increased significantly [15][16]. - For August 2025, different stock index futures contracts are expected to have different trends, such as IF having a relatively strong and wide - range oscillation [18]. Treasury Bond Futures - On August 20, 2025, ten - year and thirty - year treasury bond futures contracts (T2509, TL2509) opened slightly higher, then declined after a rebound. T2509 closed at 107.855 yuan, down 0.18% [34]. - The central bank conducted 6160 billion yuan of 7 - day reverse repurchase operations on August 20, with a net investment of 4975 billion yuan [35]. - The LPR remained stable in August, in line with market expectations [36]. Commodity Futures - Gold (AU2510) futures closed at 772.68 yuan/gram on August 20, 2025, down 0.35%. It is expected to have a wide - range oscillation in August and a relatively strong oscillation on August 21 [42]. - Silver (AG2510) futures closed at 9042 yuan/kg on August 20, 2025, down 1.86%. It is expected to have a wide - range oscillation in August and a relatively strong oscillation on August 21 [48]. - Other commodity futures such as copper, alumina, and industrial silicon also have their own trends on August 20 and expected trends for August and August 21 [51][56][59].