A股成交额破3万亿为历史次高

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - A-shares continued their unilateral upward trend, with the liquor sector catching up, indicating market recognition of the market. Shanghai's real - estate policy adjustment sent a clear signal to support the real - estate market. The A - share trading volume reached 3.18 trillion yuan, the second - highest in history [2][23][26]. - In the bond market, although the expectation of loose monetary policy increased, caution was still recommended in the short term, and chasing high was not recommended [3][29]. - Steel prices oscillated. The increase in market risk appetite and strong coking coal prices supported steel prices, but there was still inventory accumulation pressure, limiting the upward movement [4][45]. - Zinc prices were expected to oscillate in the short term. Both domestic and overseas macro factors were positive, but the upward height of Shanghai zinc might be restricted by domestic fundamentals [5][74]. - PTA's short - term unilateral price was expected to be oscillating and slightly stronger. Considering the forced cancellation of 09 warehouse receipts, a 10 - 1 long - short spread strategy could be attempted at low levels [6][84]. 3. Summary According to the Catalog 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - US President Trump considered renegotiating the US - South Korea agreement and increasing purchases from South Korea. US new home sales in July were 652,000 units, slightly higher than expected. Gold prices oscillated and closed down. The market's expectation of the Fed's interest rate cut slightly decreased. In the long term, the Fed's interest rate cut space was limited. The dollar rebounded, putting pressure on gold prices. It was recommended to pay attention to the risk of correction in the short term [13][14][15]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Dallas Fed President Logan said the money market might face temporary pressure at the end of the quarter, but the Fed still had room to reduce the balance sheet. The meeting between Russian and Ukrainian leaders was not arranged, and the US dollar was expected to oscillate in the short term [16][18][19]. 3.1.3 Macro Strategy (US Stock Index Futures) - The market became more cautious before NVIDIA's earnings report, but with the support of interest - rate cut expectations, the market risk appetite remained high. The stock index was expected to be oscillating and slightly stronger in the near future [21][22]. 3.1.4 Macro Strategy (Stock Index Futures) - A - share trading volume reached a historical second - high, and Shanghai optimized real - estate policies. It was recommended to hold long positions in stock index futures [23][26][27]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 288.4 billion yuan of 7 - day reverse repurchase operations and 600 billion yuan of MLF operations. The bond market strengthened, but caution was still needed in the short term, and chasing high was not recommended [28][29][30]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Brazil's soybean exports in August increased year - on - year, and the good - quality rate of US soybeans rose. Domestic oil - mill soybean meal inventory increased. Soybean meal futures prices were expected to be oscillating and slightly stronger [31][32][35]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysian palm oil exports from August 1 - 25 increased by 10.89% year - on - year. It was recommended to buy on dips, focusing on the production recovery in Indonesia and Malaysia [36]. 3.2.3 Agricultural Products (Cotton) - Pakistan's new cotton listing volume decreased year - on - year, and India's cotton planting area growth slowed. China issued 200,000 tons of sliding - scale duty processing trade quotas. Zhengzhou cotton was expected to be oscillating and slightly stronger in the short term, but the market was not optimistic during the peak new - cotton listing period in the fourth quarter [37][38][41]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - Shanghai adjusted housing purchase restrictions. Steel prices oscillated. There was inventory accumulation pressure, and the release of terminal demand was expected to be slow. It was recommended to adopt an oscillating trading strategy [42][45][46]. 3.2.5 Black Metals (Steam Coal) - Coal exports from three ports in North Queensland decreased month - on - month in July. The daily coal consumption was at the end of the seasonal high, and coal prices entered a weak consolidation phase. It was expected that coal prices would oscillate between 650 - 700 yuan [47]. 3.2.6 Black Metals (Iron Ore) - The central bank adjusted Shanghai's personal housing loan interest rate policy. Iron ore prices oscillated. Steel mills in the north reduced production, but the impact on raw materials was limited. It was recommended to wait and see [48][49]. 3.2.7 Agricultural Products (Corn Starch) - Corn starch exports increased in July, but the over - capacity and weak - demand situation was expected to continue [50]. 3.2.8 Agricultural Products (Corn) - Corn prices showed different trends. Futures oscillated around 2150. It was expected that the 2150 support level might be broken. It was recommended to hold short positions and pay attention to the 11 - 3 reverse spread [50][52]. 3.2.9 Agricultural Products (Red Dates) - Xinjiang's red - date producing areas entered the sugar - increasing stage. Futures prices oscillated. It was recommended to wait and see, paying attention to weather changes [53][54][55]. 3.2.10 Non - Ferrous Metals (Polysilicon) - China's photovoltaic cumulative installed capacity increased from January to July, but the single - month new - installed capacity in July decreased. The price of polysilicon was expected to be between 49,000 - 57,000 yuan/ton in the short term and was expected to reach over 60,000 yuan/ton in the long term [56][57][58]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - Dongyue Silicon Materials' safety improvement project was filed. The inventory of industrial silicon was expected to change according to the resumption of production of large factories in Xinjiang. The short - term price was expected to be between 8200 - 9500 yuan/ton [59][60]. 3.2.12 Non - Ferrous Metals (Nickel) - The Shanghai Futures Exchange's nickel futures warehouse receipts decreased. The macro - environment was expected to be positive in the short term, but the nickel market was in a supply - surplus situation in the medium term. It was recommended to pay attention to short - term trading opportunities and medium - term short - selling opportunities [61][62][63]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - Pilbara Minerals' lithium concentrate production increased in the 2025 fiscal year. It was recommended to pay attention to buying on dips and long - short spread opportunities [64][65]. 3.2.14 Non - Ferrous Metals (Copper) - Marimaca Copper planned to acquire a sulfuric acid plant to reduce costs. US scrap - copper traders redirected shipments to avoid Chinese tariffs. Copper prices were expected to be slightly stronger in the short term, but the upward space was limited [66][67][69]. 3.2.15 Non - Ferrous Metals (Lead) - The LME lead spread was at a discount, and Henan restricted the entry of vehicles below the National V emission standard. Lead prices oscillated, and the supply - demand situation was weak. It was recommended to wait and see [70][71][72]. 3.2.16 Non - Ferrous Metals (Zinc) - The LME zinc spread was at a discount, and Bolivia's zinc concentrate production decreased. Domestic zinc inventory increased. Zinc prices were expected to oscillate in the short term. It was recommended to wait and see on the long - short side and pay attention to medium - term long - short spread opportunities [73][74]. 3.2.17 Energy and Chemicals (Liquefied Petroleum Gas) - The spot price in East China was stable, and the CP recommended price was announced. The PG domestic price was expected to be slightly stronger before the sentiment was digested, and attention should be paid to narrowing the PG - FEI spread [75][76][77]. 3.2.18 Energy and Chemicals (Asphalt) - Asphalt refinery inventory decreased, and social inventory remained flat. The asphalt market was in a fragile state, and it was recommended to wait and see [78][79]. 3.2.19 Energy and Chemicals (PX) - PX prices rose slightly. The short - term price was expected to be oscillating and slightly stronger, and it was recommended to buy on dips [80][81]. 3.2.20 Energy and Chemicals (PTA) - PTA spot prices declined, and the market was quiet. The short - term price was expected to be oscillating and slightly stronger, and a 10 - 1 long - short spread strategy could be attempted at low levels [82][84][85]. 3.2.21 Energy and Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong increased, and the downstream receiving sentiment was positive. The price was expected to be stable in the short term, and it was recommended to be cautious when chasing high [85][86]. 3.2.22 Energy and Chemicals (Pulp) - The imported wood pulp spot market was mostly stable. The pulp market was expected to oscillate [87][89]. 3.2.23 Energy and Chemicals (PVC) - The domestic PVC powder market price increased slightly. The PVC market was expected to oscillate in the short term [90]. 3.2.24 Energy and Chemicals (Urea) - The urea market was weak, and new orders were scarce. The 01 contract was expected to oscillate in the short - to - medium term [92][93]. 3.2.25 Energy and Chemicals (Bottle Chips) - Bottle - chip factory export quotes were mostly stable. Attention should be paid to the pressure on processing fees caused by device restart and new - capacity release [93][94]. 3.2.26 Energy and Chemicals (Styrene) - Styrene port inventory increased. Styrene was expected to be slightly stronger in September but might face inventory accumulation pressure in the fourth quarter. Attention should be paid to policy variables [95][96][97]. 3.2.27 Shipping Index (Container Freight Rate) - Maersk planned to invest $1 billion to develop Indian ports. The container freight rate was expected to continue to decline, and the 10 - contract was expected to test the support level of 1300 [98][99][100].