Core Insights - The US July CPI increased by 0.2% month-on-month, and the core CPI rose by 0.32%, both meeting expectations. This marks the end of five consecutive months of core CPI underperformance [1][2] - Year-on-year, the CPI was expected to rise by 2.8% but actually increased by 2.7%, while the core CPI was expected to rise by 3.0% but increased by 3.06%. The discrepancies are attributed to seasonal adjustments and rounding issues [1][2] - The inflation structure indicates a rebound in used car prices, tariff impacts on furniture and auto parts, and fluctuations in airline ticket prices and hotel rates, contributing to the inflation rebound this month [1][3] Inflation Structure - Core goods CPI month-on-month increased slightly from 0.20% to 0.21%, with furniture, clothing, and leisure goods showing varying degrees of decline. Transportation goods improved from -0.38% to 0.22%, with both new and used car prices rebounding [3] - Housing inflation saw a rise in residential services from 0.18% to 0.23%, with owner-equivalent rent (OER) and rent price rent (RPR) increasing to 0.28% and 0.26%, respectively, returning to pre-pandemic levels [3] - Super core CPI rebounded significantly from 0.21% to 0.48%, driven by contributions from medical insurance and transportation [3] Market Reaction - Following the July CPI data release, interest rate cut expectations increased, leading to a decline in the 2-year US Treasury yield to 3.72%. The 10-year Treasury yield rose to 4.31%, with the 10-year real yield reaching 1.93% [4] - The market narrative shifted to "moderate inflation → increased rate cut expectations → improved growth outlook," resulting in a drop in the dollar index below 98 and a decline in gold prices, while US stocks and silver prices rose [4] Trading Strategy - Current market expectations for rate cuts are overly optimistic, with a projected 2.4 cuts/61 basis points for the year. The optimistic scenario suggests two cuts (in September and December), while the pessimistic scenario suggests one cut (in October) [5] - The current pricing of 61 basis points for rate cuts indicates at least an 11 basis point adjustment potential. Overly optimistic rate cut expectations imply upward risks for the dollar index and short-term interest rates [5] - Future gold price increases may stem from "inflation exceeding expectations → delayed rate cut expectations → increased economic pressure → downward revision of growth outlook" [5]

Report Industry Investment Rating No relevant information provided. Core Views Copper - In the short - term, copper prices are expected to fluctuate within a range, with the main contract referring to 78,000 - 80,000. The market is waiting for US economic data in August. The "tight mine supply + resilient demand" provides price support, but the weak economic outlook in the US puts pressure on the upside of copper prices [1]. Zinc - The zinc market has a supply - side surplus and a weak demand - side, which is not sufficient to boost the continuous rise of zinc prices. However, low inventory levels provide some support. In the short - term, zinc prices are expected to fluctuate, with the main contract referring to 22,000 - 23,000 [4]. Nickel - The nickel market shows little change in fundamentals. In the short - term, the nickel price is expected to adjust within a range, with the main contract referring to 120,000 - 126,000. Attention should be paid to changes in macro - expectations [7]. Tin - If the supply of tin ore recovers smoothly, the strategy should be to short on rallies; if the supply recovery is less than expected, tin prices are expected to continue to oscillate at a high level. The current tin ore supply remains tight [8]. Stainless Steel - In the short - term, the stainless - steel market is expected to oscillate strongly, with the main contract operating in the range of 13,000 - 13,500. Attention should be paid to policy trends and nickel - iron dynamics [9]. Aluminum - The alumina market is expected to oscillate widely in the price range of 3000 - 3400 this week. For aluminum, in the short - term, prices are expected to remain under pressure at a high level, with the main contract price referring to 20,000 - 21,000 [12]. Aluminum Alloy - The aluminum - alloy market is expected to oscillate weakly, with the main contract referring to 19,600 - 20,400. Attention should be paid to the supply of upstream scrap aluminum and marginal changes in imports [13]. Lithium Carbonate - The lithium - carbonate market is expected to oscillate widely in a relatively strong range, with prices fluctuating around 85,000. Operators are advised to be cautious and can try to go long lightly on dips [14][15]. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper price rose to 79,475 yuan/ton, with a daily increase of 0.41%. The refined - scrap price difference increased by 11.01% [1]. - **Fundamental Data**: In July, electrolytic copper production was 117.43 million tons, a month - on - month increase of 3.47%, and imports were 30.05 million tons, a month - on - month increase of 18.74% [1]. Zinc - **Price and Basis**: SMM 0 zinc ingot price rose to 22,560 yuan/ton, with a daily increase of 0.27%. The import loss was - 1893 yuan/ton [4]. - **Fundamental Data**: In July, refined zinc production was 60.28 million tons, a month - on - month increase of 3.03%. The seven - region social inventory of zinc ingots in China increased by 11.09% week - on - week [4]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price rose to 123,800 yuan/ton, with a daily increase of 0.24%. The import loss of futures decreased by 31.99% [7]. - **Fundamental Data**: China's refined nickel production decreased by 10.04% month - on - month, while imports increased by 116.90% [7]. Tin - **Price and Basis**: SMM 1 tin price fell to 270,200 yuan/ton, with a daily decrease of 0.15%. The LME 0 - 3 premium increased by 47.91% [8]. - **Fundamental Data**: In June, domestic tin ore imports remained at a low level, and the average operating rate of SMM refined tin decreased by 6.98% [8]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 13,250 yuan/ton. The price of 8 - 12% high - nickel pig iron increased by 0.16% [9]. - **Fundamental Data**: In July, the production of 300 - series stainless - steel crude steel in China decreased by 3.83% month - on - month, and the social inventory of 300 - series decreased by 2.58% week - on - week [9]. Aluminum - **Price and Spread**: SMM A00 aluminum price rose to 20,760 yuan/ton, with a daily increase of 0.58%. The import loss decreased by 64 yuan/ton [12]. - **Fundamental Data**: In July, alumina production increased by 5.40% month - on - month, and electrolytic aluminum production increased by 3.11% [12]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 price rose to 20,350 yuan/ton, with a daily increase of 0.49%. The 2511 - 2512 monthly spread increased by 5 yuan/ton [13]. - **Fundamental Data**: In July, the production of recycled aluminum alloy ingots increased by 1.63% month - on - month, and the weekly social inventory increased by 5.83% [13]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate average price rose to 81,000 yuan/ton, with a daily increase of 3.85%. The 2509 - 2511 monthly spread decreased by 100 yuan/ton [14]. - **Fundamental Data**: In July, lithium carbonate production increased by 4.41% month - on - month, and the total inventory decreased by 2.01% [14].

Group 1: General Information - Report title: Copper Futures Daily Report [1] - Date: August 14, 2025 [2] - Research analysts: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Trading Recommendations - Copper prices continued to rise. The main contract of Shanghai copper closed at 79,360. Overnight US CPI data was lower than expected, leading the market to further bet on a 25BP interest rate cut in September. The US dollar index declined, which was positive for copper prices. The spot price rose 325 to 79,475, and the spot premium remained flat at 200. As the delivery was approaching, domestic supply was still tight, but imported supply supplemented. It was expected that the premium would slightly decline. The spot Shanghai-London ratio dropped to 8.088, the import loss narrowed to 75, and the 0-3C structure widened to 87. The premiums of warehouse receipts and bills of lading remained flat. In the short term, the domestic spot market was stronger than the overseas market. With the opening of the expectations of interest rate cuts in China and the US, the market's bullish sentiment rebounded. It was recommended to buy copper on dips [10] Group 3: Industry News - Codelco's copper production in June increased by 17% year-on-year to 120,200 tons [11] - According to Industrial Online data, in June 2025, China's household air conditioner exports ended a two-year growth trend. The export volume in that month decreased by 25.6% year-on-year to 6.496 million units [11] - The unadjusted annual CPI rate in the US in July remained the same as the previous month, recording 2.7%; the unadjusted annual core CPI rate in July rose to a five-month high, recording 3.1%. After the data was released, traders increased their bets on a September interest rate cut by the Federal Reserve. Trump called on Powell to cut interest rates immediately, and US Treasury Secretary Bessent said that the Federal Reserve should consider cutting interest rates by 50 basis points in September [11] - According to recycled copper rod enterprises, the investment promotion policy may be cancelled on September 1, 2025. Currently, no enterprise has received an official notice, but many enterprises are worried that if the preferential policies for enterprise operations stop, they will need to purchase recycled copper raw materials with a 13% VAT in the future. Therefore, recycled copper rod enterprises may temporarily stop production and wait until September 1 to see if the notice is actually implemented before making production plans [11]

Report Industry Investment Rating No relevant content provided. Core Views Index Futures - The U.S. Treasury Secretary believes that the U.S. interest rate should be 150 - 175 basis points lower than the current level. China's new social financing in July was 1.16 trillion yuan, RMB loans decreased by 5 billion yuan, and the M2 - M1 gap narrowed. The central bank's media suggests not over - hyping single - month credit fluctuations. The expectation of a September interest rate cut is strengthened, and the Secretary's statement reinforces the market's anticipation of a larger cut. The index's strength is due to positive policies, continuous capital inflows, and frequent event catalysts. After reaching a short - term high, it may oscillate to wash out floating chips, but the medium - term upward trend remains unchanged [2]. Treasury Bonds - Whether the bond market will continue to rebound or fall needs further observation. The bond market has lacked profit - making opportunities recently, leading to the outflow of some allocation funds. A short - term upward movement may even stimulate more outflows. The bond market may fluctuate in both directions for some time, providing opportunities for flexible funds [3]. Strategy Recommendations Index Futures - Buy on dips [2]. Treasury Bonds - Expect a volatile market [4]. Market Review Index Futures - The main contract of the CSI 300 index futures rose 1.02%, the SSE 50 index futures rose 0.35%, the CSI 500 index futures rose 1.78%, and the CSI 1000 index futures rose 1.77% [6]. Treasury Bonds - The 10 - year main contract rose 0.04%, the 5 - year main contract rose 0.05%, the 30 - year main contract rose 0.14%, and the 2 - year main contract rose 0.03% [7]. Technical Analysis Index Futures - The RSI indicator shows that the market is approaching a short - term high [6]. Treasury Bonds - The MACD indicator suggests that the T main contract may weaken [8]. Data Table - On August 13, 2025, the closing prices, price changes, trading volumes, and open interests of various index and treasury bond futures contracts are provided, including CSI 300, SSE 50, CSI 500, CSI 1000, 10 - year, 5 - year, 30 - year, and 2 - year futures [9].

Group 1: Report Overview - The report is titled "Domestic Commodity Futures Mostly Decline, Black Series Generally Close Lower - CITIC Futures Morning Report 20250814" [1] Group 2: Market Performance Domestic Main Commodities - Index futures generally showed an upward trend. For example, the CSI 300 futures had a daily increase of 0.96%, a weekly increase of 2.15%, a monthly increase of 2.81%, a quarterly increase of 7.33%, and a year - to - date increase of 6.37% [4] - Treasury futures mostly had minor fluctuations. The 2 - year Treasury futures had a daily increase of 0.03%, a weekly decrease of 0.02%, a monthly increase of 0.02%, a quarterly decrease of 0.13%, and a year - to - date decrease of 0.59% [4] - In the foreign exchange market, the US dollar index decreased by 0.20% weekly, 21.98% monthly, 13.4% quarterly, and 9.60% year - to - date [4] - Interest rates showed different trends. The 10Y Chinese bond yield increased by 7.9bp quarterly and 0.1bp year - to - date, while the 10Y US Treasury yield increased by 5bp quarterly and decreased by 26bp year - to - date [4] Popular Industries - Some industries like the grass - colored gold industry had good performance, with a daily increase of 1.28%, a weekly increase of 4.59%, a monthly increase of 4.37%, a quarterly increase of 11.54%, and a year - to - date increase of 31.85%. While some industries like the pharmaceutical industry had a daily decrease of 0.86%, a weekly decrease of 0.88%, a monthly decrease of 0.88%, a quarterly increase of 12.63%, and a year - to - date increase of 21.76% [4] Overseas Commodities - In the energy sector, NYMEX WTI crude oil decreased by 1.44% daily, 0.43% weekly, 9.03% monthly, 2.91% quarterly, and 12.23% year - to - date [4] - Precious metals such as COMEX gold increased by 0.17% daily, decreased by 1.69% weekly, increased by 1.71% monthly, increased by 2.55% quarterly, and increased by 28.81% year - to - date [4] - In the non - ferrous metals sector, LME copper increased by 1.17% daily, 0.74% weekly, 2.43% monthly, decreased by 0.38% quarterly, and increased by 12.05% year - to - date [4] - In the agricultural products sector, CBOT soybeans increased by 2.18% daily, 4.64% weekly, 4.24% monthly, 0.46% quarterly, and 2.20% year - to - date [4] Other Domestic Commodities - Many commodities showed various trends. For example, the shipping container freight rate to Europe (ECSA) increased by 5.96% daily, decreased by 7.17% weekly, decreased by 6.46% monthly, decreased by 0.44% quarterly, and decreased by 40.93% year - to - date [5] Group 3: Macroeconomic Analysis Overseas Macro - The overseas market is facing a situation where the US economic fundamentals are weak. The China - US tariff negotiation period is postponed to November 12. The US CPI in July met expectations. The upcoming tariff implementation in August may test market sentiment. The internal personnel change in the Fed and the US CPI data next week will guide market expectations for interest rate cuts and risk appetite [9] Domestic Macro - China's exports in July increased by 7.2% year - on - year, mainly relying on the strong demand from non - US markets to offset the decline in exports to the US. However, this may be due to pre - tariff rush shipments, and future exports face the risk of decline and restricted re - export trade [9] Asset Views - Domestically, reduce the allocation of domestic equities and wait for the policy and profit repair window in the second half of the month. Maintain the allocation of commodities with a focus on the infrastructure and export chain, and maintain the allocation of gold. Overseas, reduce the allocation of US stocks due to high valuations and maintain the allocation of US bonds. Slightly increase the allocation of RMB funds to relieve pressure from the weak US dollar and reduce the allocation of US dollar money market funds to be cautious about interest rate cut games. Overall, maintain a defensive layout and focus on the policy and data inflection points in late August [9] Group 4: Viewpoints on Different Sectors Finance - Stock index futures: Growth opportunities are spreading, and the short - term outlook is a fluctuating upward trend. Stock index options: Layout offensive strategies, with a short - term fluctuating upward trend. Treasury futures: The bond market is still under pressure, with a short - term fluctuating trend [10] Precious Metals - Gold and silver are expected to fluctuate upwards as the market returns to the logic of the restart of the interest rate cut cycle, with the US economic fundamentals weakening [10] Shipping - The shipping container freight rate to Europe is expected to fluctuate as the market focuses on the game between peak - season expectations and the implementation of price increases [10] Black Building Materials - Most products in this sector, such as steel, iron ore, coke, and coking coal, are expected to fluctuate. For example, steel has strong cost support, and iron ore has a healthy fundamental situation [10] Non - ferrous Metals and New Materials - Copper, aluminum, zinc, etc. have different short - term trends. Copper is expected to fluctuate downward, while aluminum is expected to continue to recover, but the overall demand weakness needs to be noted [10] Energy and Chemicals - Most products in this sector are expected to fluctuate. For example, crude oil is expected to fluctuate downward due to geopolitical concerns easing and supply pressure remaining. Some chemicals like LPG are expected to fluctuate due to cost and demand factors [12] Agriculture - Oils, fats, and protein meals are expected to continue to be strong, while corn/starch is expected to continue to fluctuate weakly [12]

Group 1: Report General Information - Report date: August 14, 2025 [1] - Report author: Xiang Weiyi from Dayue Futures Investment Consulting Department [1] - Author's qualification: F3051846 (从业资格证号), Z0015764 (投资咨询证号) [1] - Contact information: 0575 - 85226759 [1] Group 2: Investment Ratings - No investment ratings provided in the report Group 3: Core Views - For gold, due to the US Treasury Secretary's statement on potential sanctions against Russia and high expectations of a 50BP interest rate cut in September, the gold price first rose and then fell, and rose again in the morning. The high expectation of interest rate cuts supports the gold price [4]. - For silver, with the same statement from the US Treasury Secretary and a significant increase in domestic risk appetite, the silver price strengthened during the day. The recovery of commodity sentiment still supports the silver price [6]. Group 4: Summary by Catalog 1. Previous Day's Review - Gold: The US Treasury Secretary's statement led to a rise - then - fall in the gold price. US and European stock markets rose, US bond yields fell (10 - year US bond yield down 6 basis points to 4.231%), the US dollar index fell 0.28% to 97.80, and the offshore RMB appreciated slightly against the US dollar. COMEX gold futures rose 0.24% to $3407.00 per ounce [4]. - Silver: The silver price rose during the day due to the US Treasury Secretary's statement and increased domestic risk appetite. Similar to gold, US and European stock markets rose, US bond yields fell, the US dollar index fell, and the offshore RMB appreciated. COMEX silver futures rose 1.44% to $38.55 per ounce [6]. 2. Daily Tips - Today's key events include the State Council Information Office press conference, US July PPI, intensive speeches by Fed members, and UK Q2 GDP [4]. 3. Today's Focus - 09:30: Australian employment population and unemployment rate for July [15] - 10:00: State Council Information Office press conference on the achievements of the "14th Five - Year Plan" digital China construction [15] - 14:00: UK Q2 GDP preliminary value [15] - 20:30: US July PPI, initial jobless claims for the week ending August 9 [15] - 22:00: US St. Louis Fed President Alberto Musalem participates in a CNBC program [15] - Next day 02:00: US Richmond Fed President Barkin (2027 FOMC voter) participates in an online seminar [15] 4. Fundamental Data - Gold: The basis is - 3.2 (spot at a discount to futures), the inventory of gold futures warrants is 36045 kg (unchanged), the 20 - day moving average is downward with the K - line below it, and the main net long position is decreasing [4][5]. - Silver: The basis is - 26 (spot at a discount to futures), the inventory of Shanghai silver futures warrants is 1151209 kg (decreased by 753 kg day - on - day), the 20 - day moving average is downward with the K - line below it, and the main net long position is decreasing [6]. 5. Position Data - Gold: On August 13, 2025, the long position of the top 20 in Shanghai gold increased by 0.24% to 214,449, the short position increased by 3.78% to 60,932, and the net position decreased by 1.09% to 153,517 [29]. - Silver: ETF holdings decreased slightly but were higher than the same period in the past two years, and Shanghai silver warrants continued to decrease but were higher than last year's level, while COMEX silver warrants increased slightly [36][40].

8月14日，港股早盘续升，腾讯控股高开2.39%，站上600港元，哔哩哔哩-W、美团-W、快手-W跟涨。重仓 港股互联网龙头的港股互联网ETF（513770）跳空高开，场内价格一度涨1.7%，现涨0.86%。 腾讯公告显示，第二季度营收1845.0亿元，同比增长15%，预估1789.4亿元；第二季度净利润556.3亿元，同 比增长17%，远超预期，预估508.3亿元。 此外，美联储9月降息信号接连涌现，此前公布的CPI通胀报告低于预期，推升了降息预期；美国财政部长 贝森特最新表示，鉴于近期就业数据疲软，美联储9月份有可能会大幅降息50个基点。 CME集团FedWatch工具测算，美联储9月维持利率不变的概率为0%，降息25个基点的概率为93.3%，降息50 个基点的概率为6.7% 高盛最新预计，美联储将在今年9月、10月和12月分别降息25个基点，共降息三次。 港股有望成为美联储开启宽松周期的主要受益者之一，尤其是对流动性敏感的科网方向。 港股互联网ETF（513770）及其联接基金（A类 017125；C类 017126）被动跟踪中证港股通互联网指数，通 过重仓港股互联网龙头，成为港股AI核心标的。数据显示 ...

Group 1 - The core viewpoint of the report indicates that the US economic data for July is below expectations, leading to potential pressure on economic growth, and the nomination of Stephen Miran to the Federal Reserve Board may impact the Fed's independence and interest rate expectations [1][2][3] - The ISM data released on August 5 shows a non-manufacturing PMI of 50.1, below the expected 51.5 and the previous value of 50.8, with the employment index at 46.4 compared to the prior 47.2, and new orders index at 50.3, down from 51.3, indicating significant economic pressure [1][3] - The nomination of Miran is seen as a move by Trump to reshape the Fed leadership, potentially undermining Powell's authority and aligning the Fed more closely with Trump's policies, although the impact on the September rate decision remains uncertain [3] Group 2 - The upcoming meeting between US and Russian presidents in mid-August aims to discuss a long-term peace plan for Ukraine, which may influence gold price volatility [4] - The US copper tariffs have led to a significant transfer of global copper inventory, with approximately 400,000 tons moved to the US before the 50% tariff took effect, representing about 40% of the US's annual refined copper demand, impacting supply in Europe and China [4] - Companies with overseas copper processing capacity are expected to benefit from the tariff situation, with specific recommendations for leading gold companies such as Zijin Mining and Chifeng Jilong Gold, as well as Hailiang Co., which has copper processing operations in North America [5]

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 14, 2025 [2] Industry Investment Rating - No relevant information provided. Core View - The short - term bullish sentiment dominates again, and SHFE zinc continues to rise without fundamental support. Investors are advised to be cautious about chasing high prices [7]. Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2508, the opening price was 22,460 yuan/ton, the closing price was 22,560 yuan/ton, with a rise of 75 yuan and a gain of 0.33%. The position was 4,550, a decrease of 485. For SHFE zinc 2509, the opening price was 22,485 yuan/ton, the closing price was 22,590 yuan/ton, up 85 yuan or 0.38%. The position was 93,386, a decrease of 1,509. For SHFE zinc 2510, the opening price was 22,490 yuan/ton, the closing price was 22,610 yuan/ton, up 90 yuan or 0.40%. The position was 77,158, an increase of 4,219 [7]. - Market influence factors: The US July CPI data was released, with the year - on - year growth rate slightly lower than expected. The inflation data strengthened the expectation of an interest rate cut in September. SHFE zinc reached a high of 22,775 yuan/ton at night, but the intraday gain declined. The main contract 2509 closed at 22,600 yuan/ton, up 55 yuan or 0.24%, with reduced volume and positions, and funds flowing out. The positions migrated to far - month contracts. The top 20 positions in total held more long and short positions, and the net short positions increased by 491 lots [7]. - Fundamentals: In August, the domestic zinc concentrate processing fee remained stable at 3,900 yuan/metal ton, and the imported zinc concentrate increased by 3.5 dollars/dry ton to 82.25 dollars/dry ton. The core contradiction of abundant zinc concentrate and zinc ingots in the market was more prominent during the off - season of demand. The inventory accumulation trend was confirmed, and the social inventory continued to increase at the beginning of the week, reaching 119,000 tons. LME zinc inventory continued to decrease to below 80,000 tons, and the 0 - 3 spread was C4.76. The problem of low inventory and high cancellation ratio still existed. The market was strong overseas and weak domestically, and the low price ratio was difficult to improve. The import window remained closed [7]. - Spot market: The increase in the futures price put pressure on the purchasing sentiment, and the premium continued to decline. The premium in Shanghai market for contract 09 was at a discount of 20 yuan/ton, the premium in Tianjin market compared to Shanghai was at a discount of 10 yuan/ton, and the premium in Guangdong market for contract 09 was at a discount of 75 yuan/ton, and at a discount of 20 yuan/ton compared to Shanghai. The price difference between Shanghai and Guangdong remained the same [7]. 2. Industry News - On August 13, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,585 - 22,665 yuan/ton, and Shuangyan zinc was traded between 22,695 - 22,785 yuan/ton. The mainstream transaction price of 1 zinc was between 22,515 - 22,595 yuan/ton. In the morning, the market quoted a premium of 10 - 20 yuan/ton to the SMM average price, and there were few quotes against the futures price. In the second trading session, the common domestic brands were quoted at a discount of 20 yuan/ton to the 2509 contract, Honglu - v was at a discount of 20 yuan/ton to the 2509 contract, Huize was at a premium of 50 - 60 yuan/ton to the 2509 contract, and the high - end brand Shuangyan was at a premium of 90 - 100 yuan/ton to the 2509 contract [8]. - In the Ningbo market, the mainstream transaction price of 0 zinc was around 22,565 - 22,635 yuan/ton. The common brands in Ningbo were quoted at a discount of 45 yuan/ton to the 2509 contract and at a premium of 10 yuan/ton to the Shanghai spot price. In the first period, Yongchang was quoted at a discount of 40 yuan/ton to the 2509 contract, Anning was at a discount of 30 yuan/ton to the 2509 contract, and Qilin was at a premium of 10 - 20 yuan/ton to the 2509 contract for delivery. In the second period, Yongchang's quote was further reduced to around - 50 yuan/ton, and the quotes of other traders remained the same as the previous period [8]. - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 22,550 - 22,650 yuan/ton, and Zijin zinc was traded between 22,590 - 22,670 yuan/ton. The transaction price of 1 zinc ingots was around 22,490 - 22,570 yuan/ton, and Huludao zinc was quoted at 23,160 yuan/ton. The common 0 zinc was quoted at a discount of 30 - 50 yuan/ton to the 2509 contract, and Zijin zinc was quoted at a discount of 10 - 20 yuan/ton to the 2509 contract. The premium in Tianjin market compared to Shanghai was at a discount of about 10 yuan/ton [8][9]. - In the Guangdong market, the mainstream transaction price of 0 zinc was between 22,500 - 22,630 yuan/ton. The mainstream brands were quoted at a discount of 75 yuan/ton to the 2509 contract and at a discount of 20 yuan/ton to the Shanghai spot price. In the first period, the holders of goods quoted a discount of 105 - 55 yuan/ton for Qilin, Mengzi, Danxia, Anning, and Lanxin zinc. In the second period, Qilin, Mengzi, Feilong, Anning, and Lanxin zinc were still at a discount of 105 - 55 yuan/ton [9]. 3. Data Overview - The report provides data on the weekly inventory of SMM's seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, with data sources including Wind, SMM, and the Research and Development Department of CCB Futures [13][14]

Group 1 - The Hong Kong Stock Connect Non-Bank ETF (513750) has seen a significant increase of 1.78% as of August 13, 2025, and a cumulative rise of 56.70% since its low on April 10 [1] - The ETF's trading volume was active, with a turnover rate of 17.57% and total transactions amounting to 2.628 billion yuan [1] - The latest inflation data from the US showed a mild increase, with a month-on-month rise of 0.2% and a year-on-year increase of 2.7%, which is below market expectations [1] Group 2 - As of August 13, 2025, the Hong Kong Stock Connect Non-Bank ETF reached a record high in size at 14.879 billion yuan, with a year-to-date growth of over 1785.80% [2] - The ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 906 million yuan, totaling 1.720 billion yuan in net inflows year-to-date [2] - The ETF's net asset value has increased by 94.24% over the past year, ranking 37 out of 2956 index equity funds, placing it in the top 1.25% [2] Group 3 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index (931024) has its top ten weighted stocks accounting for 78.19%, with major holdings including China Ping An, AIA, and Hong Kong Exchanges [3] - Insurance stocks are viewed as having dual dividend advantages, benefiting from both high dividends and the performance of high-dividend assets in which leading insurers have invested [3] - The non-bank sector is expected to benefit from macroeconomic stability and potential interest rate cuts by the Federal Reserve, which could enhance market activity in both A-shares and Hong Kong stocks [3] Group 4 - The Hong Kong Stock Connect Non-Bank ETF (513750) is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4] - The ETF selects up to 50 listed companies that meet the non-bank financial theme from the Hong Kong Stock Connect securities range to reflect the overall performance of this sector [4]