新华社北京7月21日电 题：持续发力稳定就业大局 新华社记者刘夏村 就业，一头连着万家灯火，一头连着宏观大势。各部门加快推出稳就业稳经济推动高质量发展的若干举 措，各地强化就业优先导向，多措并举帮助企业应对困难挑战，增强可持续发展和吸纳就业能力……一 系列政策组合拳下，稳就业效果显现。但也要看到，当前内需扩大动能尚需增强，外部不稳定不确定因 素较多，青年、农民工等重点群体以及部分行业就业压力有所增加，稳就业仍需持续发力。 经营主体是经济发展的基石，是稳就业的基本盘。今年以来，系列惠企稳岗政策陆续推出，《关于进一 步加大稳就业政策支持力度的通知》明确扩大稳岗扩岗专项贷款支持范围、提高相关企业失业保险稳岗 返还比例、扩大社会保险补贴范围等一揽子政策。实践证明，抓好政策落地实施，持续释放政策红利， 将推动释放更大就业潜力。 促进高校毕业生等青年群体就业是重中之重。当前，高校毕业生已陆续离校，其中有的毕业生还未能落 实工作。对此各地采取了多种举措，如举办离校未就业高校毕业生招聘活动，实施高校毕业生等青年就 业创业行动计划，组织人社部门干部联系高校开展政策宣传、协助就业指导等，加大就业支持保障力 度。下一步，对青年群体 ...

Report Industry Investment Rating No relevant content found. Core View of the Report Domestic market optimism continues to ferment, and risk appetite continues to rise. Overseas, the US dollar index and US bond yields have declined, and global risk appetite has cooled. In China, economic growth in the first half of the year was higher than expected, but consumption and investment slowed down significantly in June. Policies are expected to boost domestic risk appetite in the short term. Different asset classes have different trends and investment suggestions [2]. Summary by Relevant Catalogs Macro Finance - **Stock Index**: Driven by sectors such as small metals, energy metals, and trade, the domestic stock market rose slightly. The economy grew higher than expected in H1, but consumption and investment slowed in June. Policies may boost risk appetite. The market focuses on domestic stimulus policies and trade negotiations. Short - term macro - upward drivers have increased. Short - term cautious long positions are recommended [2][3]. - **Treasury Bonds**: Short - term high - level oscillations, with a suggestion of cautious observation [2]. Precious Metals - **Gold and Silver**: Last week, precious metals oscillated at high levels. Trump's tariff announcements and US economic data affected gold prices. The Fed's rate - cut expectations have slowed, and the US dollar's rise restricts the upside of gold prices. In the short term, gold is in a box - shaped oscillation range, while silver has a relatively strong technical - surface catch - up logic. In the medium and long term, the strategic allocation value of gold is prominent [4]. Black Metals - **Steel**: Apparent consumption declined, but steel futures and spot prices continued to be strong. The market expects policy support. Real - demand weakened, and supply decreased. Cost support is strong. Short - term, a slightly bullish oscillation is expected [2][5][6]. - **Iron Ore**: Futures and spot prices strengthened. Although it is the off - season for finished - product demand, high steel - mill profits led to a rebound in hot - metal production. After the end - of - quarter shipment rush, the shipping volume decreased. Short - term, a slightly bullish oscillation is expected [6]. - **Silicon Manganese/Silicon Iron**: Spot prices were flat, and futures prices rebounded slightly. The demand for ferroalloys decreased. The production of some factories in Inner Mongolia resumed, and the开工 rate increased slightly. Short - term, prices may follow the rebound of coal prices [7]. Chemicals - **Soda Ash**: The main contract was in a range - bound pattern. Supply increased, and demand weakened. Profits declined. The "anti - involution" policy supports the bottom price, but the long - term price is pressured by the supply - demand imbalance. Short - term, prices are supported [8]. - **Glass**: The main contract was in a range - bound pattern. Supply pressure increased during the off - season. The market expects production cuts due to the "anti - involution" policy. Demand remained weak, but profits increased. Short - term, prices are supported [9]. Non - ferrous Metals and New Energy - **Copper**: US inflation rebounded, and the Fed's rate - cut expectations decreased. The upcoming stable - growth plan for the non - ferrous industry is positive. The key to copper prices lies in the tariff implementation time [11]. - **Aluminum**: Social inventories are still increasing. The fundamentals of electrolytic aluminum have weakened. Short - term, there is support at 20200 - 20300, but the price may decline after oscillation [11]. - **Aluminum Alloy**: Scrap - aluminum supply is tight, and production costs are rising. It is the off - season for demand. Short - term, prices may oscillate slightly upward, but the upside is limited [11]. - **Tin**: Supply is gradually recovering, and demand is weak. Short - term, prices will oscillate, and the medium - term upside is restricted [12]. - **Lithium Carbonate**: Futures and spot prices rose. Production increased, and social inventories continued to accumulate. Although the fundamentals have not improved, short - term, prices are expected to oscillate slightly upward [13]. - **Industrial Silicon**: Futures and spot prices rose. Production remained stable, and the number of open furnaces decreased. Short - term, prices are expected to oscillate slightly upward [14]. - **Polysilicon**: Futures and spot prices rose. The exchange's regulatory measures led to a decline on Friday, but the sector remains strong. Short - term, prices are expected to oscillate slightly upward [15]. Energy and Chemicals - **Crude Oil**: Short - term trading has slowed slightly, but the spot is still tight. The market is concerned about tariffs and OPEC+ production increases. Mid - term, prices will continue to oscillate [16]. - **Asphalt**: Prices followed crude - oil costs and oscillated strongly. Demand is average, and inventory accumulation may occur. Short - term, prices will follow the crude - oil center but oscillate weakly [16]. - **PX**: The supply is tight after the commissioning of downstream PTA plants. The price has rebounded slightly. Short - term, prices will oscillate slightly upward, but the upside is limited [16]. - **PTA**: The basis has declined, and trading volume has increased slightly. Demand is in the off - season, and processing fees are low. Short - term, prices will oscillate [17]. - **Ethylene Glycol**: Port inventories have decreased slightly. Overseas plant outages and low import expectations have led to inventory reduction. Short - term, prices will oscillate [17]. - **Short - fiber**: Prices followed the polyester sector and oscillated weakly. Terminal orders are average, and inventories are high. Short - term, prices will continue to oscillate weakly [17]. - **Methanol**: Supply has increased, and demand has decreased. Inventories have risen, especially at ports. Short - term, prices will oscillate weakly [18][19]. - **PP**: Production is expected to increase, and demand is weak during the off - season. Inventories are expected to accumulate. Short - term, prices will move downward [19]. - **LLDPE**: Demand is in the off - season, and inventories are rising. Short - term, prices may rebound slightly but with limited upside [19]. Agricultural Products - **US Soybeans**: High - temperature warnings in the US soybean - producing areas increase the risk of yield reduction. The market's concern about US soybean exports has eased. Short - term, prices may have a phased rebound [20]. - **Soybean Meal/Rapeseed Meal**: Soybean meal is the leading protein product. The futures price has strengthened, and the spot price has risen. Short - term, prices will oscillate at high levels [21]. - **Soybean Oil/Rapeseed Oil**: Soybean oil has high inventory pressure, and rapeseed oil has a stable supply. Both are affected by palm oil. Short - term, prices will follow palm oil [22]. - **Palm Oil**: The Malaysian palm - oil export tax will increase. Indian demand for replenishment exists. Short - term, the market is bullish, but the resistance to rising prices has increased [22][23].

Core Viewpoint - The transformation of Wansheng Economic Development Zone from a coal-dependent economy to a thriving new energy industry, particularly in lithium battery production, showcases successful adaptation to changing economic conditions and the importance of improving living standards for local residents [1][2][4]. Employment and Economic Transition - Wansheng Economic Development Zone has organized over 500 job fairs to address the employment challenges faced by over 9,000 coal industry workers due to the closure of 34 coal mines since 2015 [2]. - The local government has implemented various measures to ensure job placement and support for displaced workers, aiming for "one person displaced, one person placed, one family secured" [1][2]. Living Conditions Improvement - The area has invested over 50% of its general public budget into improving living conditions, resulting in the construction and renovation of 2.6 million square meters of housing and the establishment of 3,000 units of affordable rental housing [2]. - More than 80,000 residents have transitioned from inadequate housing to spacious and well-equipped homes, significantly enhancing their quality of life [2]. Community Engagement and Health - The development zone has created a vibrant community atmosphere, with increased participation in sports and recreational activities, evidenced by a 62% rate of regular physical exercise among residents [3]. - The area boasts a per capita sports facility area of 3.94 square meters, ranking first in Chongqing for seven consecutive years, and a national physical fitness test pass rate of 95.4% [3]. Overall Development - The ongoing transformation of Wansheng Economic Development Zone reflects a successful shift from outdated coal mining practices to a focus on new energy and improved community welfare, paving the way for a more sustainable and prosperous future [4].

Group 1 - The Henan provincial government has introduced 36 measures to promote economic stability and growth in the second half of 2025, focusing on boosting consumption and expanding investment [1] - The government aims to leverage its large population to enhance market scale, implementing special actions to stimulate consumption and launching summer consumption activities in various sectors such as dining, tourism, and retail [1] - Efforts will be made to address enterprise issues and optimize the business environment, including establishing a feedback mechanism for enterprises at provincial, municipal, and county levels to reduce operational costs [1] Group 2 - The province plans to deepen integration into the national unified market, addressing ten key issues including market access barriers and building a monitoring platform for the unified market [2] - Initiatives will include enhancing the "Silk Road" construction and improving international logistics infrastructure to expand foreign trade opportunities [2] - In terms of public welfare, Henan will implement various programs aimed at improving education, healthcare, and urban infrastructure, including safety enhancements and housing renovations [2]

Inflation Data - The U.S. June CPI year-on-year increased to 2.7%, matching expectations, while the previous value was 2.4%[2] - Month-on-month CPI rose by 0.3%, consistent with expectations, compared to a previous value of 0.1%[2] - Core CPI year-on-year was 2.9%, slightly below the expected 3.0%, and the previous value was 2.8%[2] Economic Implications - The rise in overall inflation is attributed to increased energy prices, tariff impacts, and expectations from new fiscal legislation[2] - The core CPI's slight underperformance is influenced by weak new car sales and a cooling housing market[2] - The risk of "stagflation" in the U.S. economy is increasing due to the divergence between inflation data and weak non-farm private employment figures[2] Energy Prices - Energy prices rebounded due to geopolitical tensions, with energy goods prices changing from -2.4% to 1.0% month-on-month[2] - Energy service prices maintained a high growth rate, increasing from 0.4% to 0.9% month-on-month[2] Tariff Effects - Core goods prices increased year-on-year from 0.3% to 0.7%, with clothing being a major contributor[2] - The month-on-month change in core goods prices rose from 0.0% to 0.2%[2] Housing Market - The housing market continues to cool, with housing prices year-on-year decreasing from 3.9% to 3.8%[2] - The NAHB housing market index fell to 32, the lowest point in 2023[2] Market Expectations - Following the CPI release, market expectations for a rate cut by the Federal Reserve in Q3 have diminished, with a 53.5% probability for a rate cut in September[4] - The strong inflation data does not support a rate cut, increasing the likelihood of the Fed having to choose between stabilizing employment and controlling inflation[2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas, the US CPI in June increased, with the Fed's probability of a rate - cut decreasing, and the US dollar index rebounding. Domestically, the H1 economic growth exceeded expectations, but consumption and investment in June slowed down. The market sentiment was affected by the high H1 economic data and weak H2 policy expectations. Different asset classes have different short - term trends and operation suggestions [2]. - For various commodities, their prices are affected by factors such as supply - demand relationships, policies, and macro - economic conditions, with different short - term and long - term trends and operation strategies [6][9][11][16][17]. 3. Summary by Relevant Catalogs Macro - finance - **Macro**: US inflation rebounded in June, with the overall CPI rising slightly and the core CPI falling short of expectations. The probability of a Fed rate - cut in July is extremely low, and the probability of a 25 - basis - point cut in September decreased. The US dollar index rebounded in the short term, and global risk appetite cooled. In China, H1 economic growth exceeded expectations, but consumption and investment in June slowed down. Policies aim to "combat involution" and "stabilize employment", which can boost domestic risk appetite in the short term, but market sentiment was affected by high H1 economic data and weak H2 policy expectations. For assets, the stock index is expected to fluctuate strongly in the short term, and it is advisable to be cautiously long; treasury bonds will fluctuate at a high level, and it is advisable to wait and see; for the commodity sector, black metals will rebound from a low - level fluctuation, and it is advisable to be cautiously long; non - ferrous metals will fluctuate, and it is advisable to wait and see; energy - chemicals will fluctuate, and it is advisable to wait and see; precious metals will fluctuate at a high level, and it is advisable to be cautiously long [2]. - **Stock Index**: The domestic stock market declined slightly due to the drag of sectors such as coal, silicon energy, and electricity. The H1 economic growth exceeded expectations, but consumption and investment in June slowed down. Policies can boost domestic risk appetite in the short term, but market sentiment was affected by high H1 economic data and weak H2 policy expectations. The market's trading logic focuses on domestic incremental stimulus policies and trade negotiation progress, and the short - term upward macro - driving force weakened. It is advisable to be cautiously long in the short term [3]. - **Precious Metals**: Precious metals declined narrowly on Tuesday. The US dollar reached a three - week high, suppressing the upward space of precious metals. The US CPI in June increased, and the Fed's internal opinions were divided. The long - term support logic for precious metals remains solid, with the "Big and Beautiful Act" accelerating the consumption of the US dollar's credit and geopolitical uncertainties and economic slowdown expectations strengthening the value of gold allocation. It is advisable to be cautiously long in the short term [4][5]. Black Metals - **Steel**: Steel futures and spot prices declined slightly on Tuesday, and market trading volume remained low. The H1 macro - economic data led to expectations of weakened policies. Real - world demand remained weak, and supply decreased. The cost - end support was still strong. It is advisable to view the steel market with an interval - fluctuation mindset in the short term [6]. - **Iron Ore**: Iron ore futures and spot prices rebounded slightly on Tuesday. Although the demand for finished products was in the off - season and steel sales pressure increased, the demand for imported ore prices had some support. Supply decreased after the end - of - quarter rush. The short - term macro - logic dominated, and iron ore prices were still fluctuating strongly [6]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese were flat on Tuesday, and the futures prices rebounded slightly. The demand for ferroalloys decreased. The short - term prices of silicon iron and silicon manganese may rebound following coal prices [7][8]. - **Soda Ash**: The soda ash futures price declined from a high on Tuesday. Supply was in an oversupply pattern, demand was mainly for rigid needs, and profits decreased. Market concerns about capacity exit due to "combat involution" led to short - term policy - based trading, but the long - term price was suppressed by the supply - demand pattern [9]. - **Glass**: The glass futures price was weak on Tuesday. Supply pressure increased during the off - season, and there were expectations of production cuts. Demand was weak, and profits increased. Policy information supported the price in the short term, but a long - term reversal requires the cooperation of downstream demand and the implementation of policies [10]. Non - ferrous Metals and New Energy - **Copper**: Although US inflation accelerated month - on - month, the overall CPI met expectations and the core CPI fell short of expectations. The key to the future copper price lies in the tariff implementation time, which is still uncertain [11]. - **Aluminum**: Social inventories increased significantly, far exceeding expectations. The fundamentals of electrolytic aluminum weakened. After a short - term fluctuation, the price resumed its downward trend. It is advisable to look for resistance levels to short [11]. - **Aluminum Alloy**: The supply of scrap aluminum was tight, and production costs increased, leading to losses for some enterprises. It is in the off - season for demand, and orders were weak. The short - term price is expected to fluctuate strongly, but the upside space is limited [11]. - **Tin**: The supply of tin increased slightly, and the demand was weak. The short - term price is expected to fluctuate, but the upside space will be suppressed in the medium term [12]. - **Lithium Carbonate**: The price of lithium carbonate increased slightly on Tuesday. Production reached a new high, and inventories continued to accumulate. Although the fundamentals have not improved, the price is expected to fluctuate strongly due to the "combat involution" policy [13]. - **Industrial Silicon**: The price of industrial silicon increased on Tuesday. Production increased significantly, and the price was boosted by the "combat involution" policy and the rebound of coking coal [14]. - **Polysilicon**: The price of polysilicon increased on Tuesday. Supply was stable at a low level, and downstream prices increased. Affected by policy news, the short - term expectation is strong, and it is advisable to be cautiously long [15]. Energy and Chemicals - **Methanol**: Mainland plants restarted intensively, traditional demand increased slightly, and port inventories increased. The 09 contract is expected to fluctuate, and the 01 contract is a seasonal contract, with opportunities to go long [16]. - **PP**: The weekly production of PP is expected to increase slightly, supply pressure is increasing, and demand is weak in the off - season. The price center is expected to move down, and it is necessary to be vigilant about oil - price fluctuations [16]. - **LLDPE**: Demand is in the off - season, downstream operations are weakening, and inventories are rising. The short - term price may rebound, but the upside space is limited. The medium - to - long - term price center may move down [16]. Agricultural Products - **US Soybeans**: The price of CBOT soybeans in November declined slightly. The US soybean crushing volume in June was higher than expected, and the proportion of good - to - excellent soybean crops increased [17]. - **Soybean and Rapeseed Meal**: US soybeans are under short - term pressure due to Sino - US soybean trade relations. The substitution cost - performance of soybean meal is high, and the consumption of rapeseed meal in the peak season is far below expectations [17][18]. - **Soybean and Rapeseed Oil**: The supply - demand of soybean oil is loose, and the far - month supply pressure is fully priced. The port inventory of rapeseed oil is slowly decreasing, and the policy premium support is weakening [18]. - **Palm Oil**: Palm oil inventories are being repaired, demand expectations are weak, and the short - term downward risk has increased. Malaysian palm oil exports declined in the first 15 days of July [18]. - **Corn**: In addition to the impact of seasonal auctions of imported corn, the expected increase in auctions of old rice in August may impact the corn price. The downstream feed enterprises are cautious, and the futures price of the 09 contract is expected to be stable after a decline [19]. - **Pigs**: Pig prices began to decline in mid - July. The demand may increase in late August, and the short - term price is expected to be under pressure. The fat - to - standard basis is shrinking seasonally, and some second - fattening operations are facing losses [19][20].

Group 1: Core Insights - The article emphasizes the focus of China's decision-making on technology, consumption, employment, foreign trade, and platform economy since the April Politburo meeting, aiming for a multi-dimensional collaboration to strengthen economic recovery [1] - Key areas of investigation include high-end manufacturing technologies, consumer policies, employment stability for specific groups, foreign trade orders, and digital consumption regulation [1] Group 2: Domestic Economic and Industrial Policies - The Central Financial Committee's meeting on July 1 highlighted the importance of building a unified national market and regulating low-price competition among enterprises [2] - Measures to support the high-quality development of innovative drugs were announced by the National Healthcare Security Administration and the National Health Commission [2] - The National Energy Administration held a mid-term meeting on wind and solar energy resource surveys on July 2 [2] - The State Council issued a notice on July 9 to further enhance employment support policies [2] Group 3: Capital Market Policies - The implementation of the new information disclosure management measures for listed companies began on July 1, clarifying industry disclosure requirements [3] - The China Securities Regulatory Commission approved the first batch of 10 technology innovation bond ETFs to guide funds into the technology sector [3] - The People's Bank of China released a draft for public consultation regarding the rules for the cross-border payment system on July 4 [3] Group 4: Global Geopolitical and Economic Tracking - The U.S. Congress passed the "Big and Beautiful" Act on July 3, indicating significant legislative changes [4] - OPEC+ agreed to increase production by 548,000 barrels per day starting in August [4] - The U.S. unemployment rate decreased to 4.1% with 147,000 new jobs added in June, reflecting a slight improvement in the labor market [4]

Domestic Policy Insights - Since the April Politburo meeting, the central government's research has focused on five key areas: technology, consumption, employment, foreign trade, and platform economy, with technology, consumption, and employment being the primary focuses[2] - The government is promoting the "old for new" policy in home appliances and exploring new business models in cultural and tourism consumption to stimulate consumer potential[12] - Employment strategies include enhancing services for college graduates and migrant workers, and supporting vocational training institutions[12] Capital Market Developments - On July 1, the new "Information Disclosure Management Measures for Listed Companies" came into effect, clarifying disclosure requirements for various industries[31] - The China Securities Regulatory Commission approved the first batch of 10 Sci-Tech Innovation Bonds ETFs on July 2 to guide funds into technology innovation[31] - The People's Bank of China released a draft for the "Cross-Border Payment System Business Rules" on July 4, seeking public feedback[31] Global Economic Tracking - The U.S. Congress passed the "Big and Beautiful" Act on July 3, which may impact international trade dynamics[6] - As of July 1, the U.S. manufacturing PMI was reported at 49%, slightly above the expected 48.8%[6] - The U.S. non-farm payrolls added 147,000 jobs in June, with an unemployment rate of 4.1%, a decrease of 0.1 percentage points month-on-month[6]

Report Industry Investment Rating There is no information provided in the document regarding the report industry investment rating. Core Viewpoints of the Report - Domestic export and financial data are better than expected, boosting the sentiment of the domestic market. However, short - term external risks need to be noted. The domestic risk preference continues to rise, and the short - term optimistic sentiment persists [2][3]. - The short - term trends of various assets are as follows: The stock index fluctuates strongly in the short term; treasury bonds fluctuate at a high level; among commodity sectors, black metals rebound from a low level, non - ferrous metals fluctuate, energy and chemicals fluctuate, and precious metals fluctuate at a high level [2]. Summary by Related Catalogs Macro - finance - Overseas: The US president's announcement of more tariff letters leads the EU to take counter - measures, and the market takes a wait - and - see attitude. Fed officials indicate no urgent need for interest rate cuts, and the US dollar index rebounds in the short term [2]. - Domestic: China's June PMI data continues to rise, and export and financial data in June are better than expected, with economic growth accelerating. Policy emphasizes "anti - involution" and "stabilizing employment", which helps boost domestic risk preference in the short term [2]. Stock Index - Driven by sectors such as energy metals, metals, and home appliances, the domestic stock market rises slightly. The short - term macro - upward drive weakens, and attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies. Short - term cautious long positions are recommended [3]. Precious Metals - Gold prices fluctuate due to policy expectations and避险情绪. Silver shows a strong upward trend, and the gold - silver ratio is significantly repaired. In the long - term, the support logic for precious metals remains solid [3][4]. Black Metals Steel - The steel futures and spot prices continue to rebound. Although the export in the first half of the year is good, the demand weakens in reality, and the supply decreases due to the implementation of production - restriction policies. The cost support is strong, and the short - term steel market is still treated with a rebound mindset [5]. Iron Ore - The futures and spot prices of iron ore continue to rebound. The fundamentals of iron ore weaken marginally, and the implementation of production - restriction policies needs further attention. The short - term macro - logic dominates, and the price fluctuates strongly [5]. Silicon Manganese/Silicon Iron - The spot prices of silicon iron and silicon manganese remain flat, and the futures prices rebound slightly. The demand for ferroalloys decreases, and the short - term prices may follow the rebound of coal prices [6][7]. Non - ferrous Metals and New Energy Copper - The concern about tariffs resurfaces. The future trend of copper prices depends on the time when tariffs are implemented. If implemented before August 1, copper prices will continue to weaken; otherwise, the price may be supported [11]. Aluminum - The price of Shanghai aluminum drops significantly. In addition to tariff concerns, the significant increase in social inventory is also an important factor [11]. Aluminum Alloy - The supply of scrap aluminum is tight, and the demand is weak. Considering cost support, the short - term price will fluctuate strongly, but the upward space is limited [11]. Tin - The supply increases slightly, and the demand is weak. The price is expected to fluctuate in the short term, and the upward space will be suppressed in the medium term [12]. Lithium Carbonate - The price of lithium carbonate rises significantly. The production increases, and the inventory accumulates. Affected by the "anti - involution" policy, it is expected to fluctuate strongly in the short term [13]. Industrial Silicon - The price of industrial silicon rises. The production increases, and it is expected to fluctuate strongly due to the "anti - involution" policy [14]. Polysilicon - The price of polysilicon rises. The supply is stable at a low level, and the downstream prices change. Affected by policy news, it is expected to be strong in the short term [15]. Energy and Chemicals Crude Oil - The concern about tariffs continues, and the demand worry puts pressure on oil prices. However, the short - term tightness in the spot market supports the price [16][17]. Asphalt - The price of asphalt fluctuates. The shipment volume decreases, the factory inventory starts to accumulate, and the demand in the peak season is average [17]. PX - The price of PX is expected to fluctuate weakly. The upstream profit is greatly reduced, and the downstream demand may weaken [17]. PTA - The PTA market shows a pattern of increasing supply and decreasing demand. The price has limited upward space in the short term and may decline [18]. Ethylene Glycol - The supply of ethylene glycol returns significantly, and the demand slows down. It will continue to fluctuate weakly in the short term [18]. Short - fiber - The price of short - fiber follows the polyester sector and fluctuates weakly. The terminal orders are average, and the inventory is high [18][19]. Methanol - The fundamental situation of methanol deteriorates, and the 09 contract is expected to fluctuate, while the 01 contract can be considered for long positions [19]. PP - The supply pressure of PP increases, and the demand is weak in the off - season. The price center is expected to move down [19]. LLDPE - The demand for LLDPE is in the off - season, and the inventory increases. The short - term price may rebound slightly, but the long - term price center may move down [19]. Agricultural Products US Soybeans - The export inspection volume of US soybeans is lower than expected, and the压榨 volume is expected to decline. The future of Sino - US soybean trade relations will directly affect US soybeans [20]. Soybean Meal/Rapeseed Meal - US soybeans are under pressure, and the risk of downward pressure on soybean meal and rapeseed meal increases. The consumption of rapeseed meal in the peak season is far from expected, and the inventory is slow to decline [21][22]. Soybean Oil/Rapeseed Oil - The supply and demand of soybean oil are loose, and the price difference is weak. The inventory of rapeseed oil is slow to decline, and the policy premium support weakens [23]. Palm Oil - The inventory of palm oil is repaired, and the price is under downward pressure in the short term. However, the export demand may be supported [24]. Corn - Affected by factors such as the substitution of new wheat and the auction of imported corn, the corn market is under pressure. However, there is still a risk of rebound after the over - decline [25]. Live Pigs - The supply of live pigs increases, and the pig price is under pressure at a high level. The futures price may decline slightly in the short term [25].

Core Viewpoint - The State Council has issued a notice to enhance employment stability policies, proposing 19 measures across seven areas to support job retention and creation. Group 1: Policy Measures - The notice emphasizes the need for local governments to track the implementation of existing policies and to introduce new measures as needed to adapt to changing circumstances [2] - It includes the expansion of special loans for job retention and creation, as well as an increase in the scope of social insurance subsidies to support enterprises in maintaining employment [2][3] - The policy aims to integrate various financial and fiscal measures, such as social insurance subsidies and temporary deferrals of social insurance payments, to create a comprehensive support system for employment stability [2][4] Group 2: Support for Enterprises - The notice proposes to enhance the unemployment insurance policy, increasing the refund ratio for small and micro enterprises to up to 90%, marking an unprecedented level of support [4] - It also allows enterprises facing operational difficulties to apply for temporary deferrals of pension, unemployment, and work injury insurance contributions, broadening the scope of this support beyond just struggling industries [4] Group 3: Employment Assistance for Vulnerable Groups - The notice focuses on optimizing employment services and strengthening assistance for job seekers, particularly for those facing employment difficulties [5] - It allows unemployed individuals to register for unemployment services at local public employment agencies and access various support policies, including tax incentives for specific groups [5] - Special provisions are made for older workers, individuals with disabilities, and those who have been unemployed for extended periods, ensuring they receive targeted employment assistance [5]