Report Industry Investment Rating No relevant content provided. Core Views of the Report - The A-share market shows a rotation pattern with mild adjustments, and investors are recommended to take protective and income - earning measures in stock index futures [2][3][4]. - The bond market sentiment continues to warm up, and there are opportunities for short - term light - position buying in Treasury bond futures [5][6]. - Gold prices are strong due to the weakening of the US dollar, and silver prices are affected by industrial products [7][9][10]. - The shipping index shows a downward trend, and the container shipping futures are expected to be weakly volatile [12][13]. - The prices of non - ferrous metals show different trends based on their respective fundamentals, with some being in a state of shock and some having clear directional expectations [14][17][19][22][24][28][31][33][36][40]. - The steel market may have a high - level shock pattern, and there are opportunities for long - position attempts; the iron ore market may rebound, and the coking coal and coke markets can be considered for long - position operations [41][43][44][46][47][50][51][52]. - The price trends of agricultural products vary. The long - term outlook for meal products is positive, the price of live pigs is weakly volatile, the corn price is weakly oscillating, and the sugar price is in a state of high - level or bottom - grinding oscillation [53][56][57][58][59][60][61]. Summary by Directory Financial Derivatives Financial Futures - Stock Index Futures: On Tuesday, the A - share market showed a differentiated performance. The main stock index futures contracts also showed differentiation. The policy of "Artificial Intelligence +" was introduced, and there were international trade and tariff news. It is recommended to buy out - of - the - money put options in September to protect long positions and sell out - of - the - money put options in December to obtain time - value income [2][3][4]. - Treasury Bond Futures: Treasury bond futures closed up across the board. The central bank's open - market operations led to a net withdrawal of funds, but the inter - bank market funds were abundant. It is recommended to buy Treasury bond futures on dips in the short term [5][6]. Precious Metals - Gold prices strengthened due to the weakening of the US dollar caused by the US tariff threat and the challenge to the "independence" of the Federal Reserve. Silver prices were affected by industrial products. It is recommended to use a bull - spread strategy for gold and hold long positions in silver above $38 [7][9][10]. Container Shipping on European Routes - The spot quotations of shipping companies are slowly falling, and the shipping index is declining. The global container shipping capacity is increasing, and the demand data shows certain characteristics. The futures are expected to be weakly volatile, and it is recommended to hold short positions in the October contract [12][13]. Commodity Futures Non - Ferrous Metals - Copper: The spot price increased slightly. The Fed's dovish stance improved the interest - rate cut expectation. The supply and demand showed a "weak reality + stable expectation" state. It is recommended to pay attention to the range of 78,500 - 80,500 [14][15][17]. - Alumina: The spot price showed a north - south differentiation. The supply was in excess, and the futures price dropped significantly. It is recommended to pay attention to the range of 3,000 - 3,300 and consider short - position layout in the medium term [17][18][19]. - Aluminum: The spot price was stable. The macro - environment improved, and the demand in the peak season was expected to be verified. It is recommended to pay attention to the range of 20,400 - 21,000 [19][20][22]. - Aluminum Alloy: The spot price was stable. The supply of scrap aluminum was tight, and the demand showed marginal improvement. It is recommended to pay attention to the range of 20,000 - 20,600 [22][23][24]. - Zinc: The spot price decreased slightly. The supply was loose, and the demand was in the off - season. It is recommended to pay attention to the range of 22,000 - 23,000 [25][26][28]. - Tin: The spot price increased slightly. The supply was affected by the situation in Myanmar, and the demand was weak. It is recommended to wait and see [28][29][31]. - Nickel: The spot price increased slightly. The supply was at a high level, and the demand was stable. It is recommended to pay attention to the range of 118,000 - 126,000 [31][32][33]. - Stainless Steel: The spot price was stable. The cost was supported, and the demand was weak. It is recommended to pay attention to the range of 12,600 - 13,400 [34][35][36]. - Lithium Carbonate: The spot price decreased. The market sentiment was weak, and the supply and demand were in a tight - balance state. It is recommended to wait and see [37][38][40]. Black Metals - Steel: The spot price decreased. The cost was less supportive, and the profit decreased. The supply increased, and the demand decreased in August. It is recommended to try long - position operations [41][42][43]. - Iron Ore: The spot price decreased. The global shipment decreased, and the port inventory decreased slightly. It is recommended to buy on dips and conduct 1 - 5 positive spreads [44][45][46]. - Coking Coal: The futures price was weakly volatile. The supply increased, and the demand decreased in the short term. It is recommended to buy the 2601 contract on dips and conduct long - coking - coal and short - coke spreads [47][48][50]. - Coke: The futures price was weakly volatile. The seventh - round price increase was implemented, and the eighth - round was proposed. The supply was expected to increase, and the demand was in a high - level fluctuation. It is recommended to buy the 2601 contract on dips and conduct long - coking - coal and short - coke spreads [51][52]. Agricultural Products - Meal Products: The spot price of soybean meal decreased, and the trading volume changed. The US soybean data showed certain trends, and there were international trade news. The long - term outlook is positive [53][54][56]. - Live Pigs: The spot price was weakly volatile. The breeding profit decreased, and the average weight increased. It is recommended to wait and see or consider long - position layout in the far - month 01 contract below 14,000 [57][58]. - Corn: The spot price was weakly volatile. The supply increased, and the demand was weak. The short - term is weakly oscillating, and the medium - term supply pressure is significant [59][60]. - Sugar: The international sugar price is expected to be in the range of 15 - 17 cents per pound, and the domestic sugar price is expected to be weakly oscillating [61].
广发早知道：汇总版-20250827
Guang Fa Qi Huo·2025-08-27 02:48