1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report analyzes the trends of various agricultural products, including significant price movements in rapeseed meal and cotton, and provides trading strategies for each product based on market fundamentals and technical analysis [1]. 3. Summary by Directory 3.1 Agricultural Products Sector Overview - Rapeseed meal rebounded significantly due to unhelpful Sino - US economic and trade talks for soybean imports and the peak season of aquaculture demand [1]. - Cotton continued to decline as Xinjiang had a good harvest outlook and downstream demand was weak [1]. - Sugar reversed and tumbled because of concerns about increased sugar imports and a large number of long - position liquidations [1]. - Soybean oil fluctuated upwards, stimulated by the news of Chinese soybean oil exports to India [1]. 3.2 Variety Strategy Tracking 3.2.1 Rapeseed Meal and Soybean Meal - Both rapeseed meal and soybean meal rose. The Sino - US economic and trade talks and the aquaculture peak season boosted prices. Rapeseed meal inventory decreased to 66.54 million tons by the 30th week, and soybean meal downstream enterprises restocked at low prices [2]. - For rapeseed meal 2509 contract, take a light - long position, with support at 2661 and resistance at 2750. For soybean meal 2509 contract, close short positions and conduct short - term trading, with support at 2980 and resistance at 3036 [4]. 3.2.2 Cotton - Cotton 2509 contract continued to fall due to high - yield expectations and weak downstream demand. Xinjiang cotton growth was good, and the textile industry was in a slack season [6][7]. - Take a light - short position, with support at 13610 and resistance at 13770 [7]. 3.2.3 Soybean Oil - Soybean oil 2509 contract continued to rise after a sharp increase the previous day, as China sold discounted soybean oil to India, boosting market sentiment [8]. - Take a light - long position, with support at 8180 and resistance at 8300 [11]. 3.2.4 Palm Oil - Palm oil 2509 contract oscillated upwards. International crude oil price increases and a weakening Malaysian ringgit provided support, although Malaysian exports decreased. Domestic demand was stable [12]. - Take a light - long position, with support at 8900 and resistance at 9050 [12]. 3.2.5 Live Pigs - Live pigs 2509 contract oscillated downwards. There was an increase in supply from farmers and weak demand due to high temperatures and less consumption [14]. - Take a light - short position, with support at 13930 and resistance at 14220 [14]. 3.2.6 Corn - Corn 2509 contract oscillated and closed positive, showing a sideways trend. There were both supply - increasing and supply - decreasing factors in the market [16]. - Close short positions and conduct short - term trading, with support at 2300 and resistance at 2316 [16]. 3.2.7 Sugar - Sugar 2509 contract tumbled. Analysts expected an increase in Brazilian sugar production, and there were concerns about increased domestic sugar imports, leading to long - position liquidations [18]. - Close long positions and take a light - short position, with support at 5790 and resistance at 5840 [18]. 3.2.8 Eggs - Eggs 2509 contract oscillated downwards. There was high egg - laying hen inventory and slow capacity reduction on the supply side, and delayed seasonal demand on the demand side [21]. - Take a light - short position, with support at 3550 and resistance at 3597 [21]. 3.2.9 Red Dates - Red dates 2601 contract oscillated upwards. The estimated new - date production was 56 - 62 million tons, a 20 - 25% year - on - year decrease. The market was still debating the extent of the production cut [22]. - Take a light - long position, with support at 10650 and resistance at 10950 [24]. 3.2.10 Apples - Apples 2510 contract oscillated downwards. Storage merchants were eager to sell, and the quality of early - maturing apples was not good [25]. - Take a light - short - term short position, with support at 7857 and resistance at 7969 [25].

1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - Although the supply of cotton is tight before the new cotton is on the market, the downstream demand remains weak, the weather - related factors have cooled down, and the market has expectations for quotas. Therefore, the cotton 2509 contract will continue its weak trend. It is recommended to conduct short - selling transactions on rallies and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of Zhengzhou cotton's main contract is 13,755 yuan/ton, down 170 yuan; the closing price of the main contract of cotton yarn is 19,870 yuan/ton, down 125 yuan - The net position of the top 20 in cotton futures is - 22,746 lots, an increase of 4,260 lots; the net position of the top 20 in cotton yarn futures is - 177 lots, an increase of 87 lots - The position of the main contract of cotton is 375,938 lots, a decrease of 37,724 lots; the position of the main contract of cotton yarn is 5,384 lots, a decrease of 2,257 lots - The number of cotton warehouse receipts is 9,055 sheets, a decrease of 101 sheets; the number of cotton yarn warehouse receipts is 91 sheets, unchanged [2] 3.2. Spot Market - The China Cotton Price Index (CCIndex:3128B) is 15,470 yuan/ton, down 110 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 20,680 yuan/ton, down 40 yuan - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,616 yuan/ton, down 122 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 22,033 yuan/ton, down 83 yuan - The China Imported Cotton Price Index (FCIndexM: sliding - scale duty) is 14,360 yuan/ton, down 89 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count fine - combed cotton yarn is 23,994 yuan/ton, unchanged [2] 3.3. Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 0.54 million tons - The cotton - cotton yarn price difference is 5,210 yuan/ton, an increase of 70 yuan; the national industrial inventory of cotton is 850,000 tons, an increase of 24,000 tons [2] 3.4. Industry Situation - The monthly import volume of cotton is 30,000 tons, a decrease of 10,000 tons; the monthly import volume of cotton yarn is 110,000 tons, an increase of 10,000 tons - The daily profit from importing cotton is 1,131 yuan/ton, a decrease of 48 yuan; the national commercial inventory of cotton is 2.8298 million tons, a decrease of 0.6289 million tons [2] 3.5. Downstream Situation - The yarn inventory days are 23.86 days, an increase of 1.52 days; the inventory days of grey cloth are 35.46 days, an increase of 2.57 days - The monthly output of cloth is 2.779 billion meters, an increase of 0.109 billion meters; the monthly output of yarn is 2.065 million tons, an increase of 0.114 million tons - The monthly export value of clothing and clothing accessories is 1.5266714 billion US dollars, an increase of 0.1688977 billion US dollars; the monthly export value of textile yarns, fabrics and products is 1.2048207 billion US dollars, a decrease of 0.0583566 billion US dollars [2] 3.6. Option Market - The implied volatility of at - the - money call options for cotton is 13.39%, a decrease of 2.76 percentage points; the implied volatility of at - the - money put options for cotton is 13.39%, a decrease of 2.75 percentage points - The 20 - day historical volatility of cotton is 9.63%, an increase of 0.98 percentage points; the 60 - day historical volatility of cotton is 8.71%, an increase of 0.19 percentage points [2] 3.7. Industry News - According to Mysteel research, the national commercial inventory of cotton is decreasing. As of July 25, 2025, the total commercial inventory of cotton is 2.3056 million tons, a decrease of 0.1519 million tons (a decrease of 6.18%) from the previous week. Among them, the commercial inventory of cotton in Xinjiang is 1.5433 million tons, a decrease of 0.1298 million tons (a decrease of 7.76%) from the previous week; the commercial inventory of cotton in the inland area is 0.409 million tons, a decrease of 0.0101 million tons (a decrease of 2.41%) from the previous week - On Tuesday, the December contract of ICE cotton closed down 0.94%. The cotton 2509 contract fell 1.89%, and the cotton yarn 2509 contract closed down 1.34% - Internationally, affected by the decline in the grain market, the strengthening of the US dollar, and the extension of Sino - US tariff measures, the price of US cotton futures has been continuously falling. The Sino - US talks in Stockholm, Sweden have ended. After the talks, relevant Chinese officials said that according to the consensus of the new round of Sino - US economic and trade talks, both sides will continue to promote the extension of the 24% part of the US reciprocal tariffs that have been suspended and China's counter - measures as scheduled. Currently, there is no change in the tariffs between the two countries, and no final trade agreement has been reached [2] 3.8. Domestic Situation - Cotton is in the process of destocking, and there is no news about quotas. The supply is tight before the new cotton is on the market. On the demand side, the textile industry is in the off - season of consumption. Inland textile enterprises have no profit, the overall operating rate continues to decline, and due to the recent rise in raw material prices, enterprises are more cautious in purchasing raw materials - In terms of new crops, the overall cotton planting area in China increased in 2025. The temperature in Xinjiang decreased slightly later this week, and the weather - related factors have cooled down [2]

混沌天成期货表示，当前市场反馈主产地收到查超产的文件通知较少，暂时对产量影响有限，并且蒙煤 通关快速恢复，供需缺口修复，在主产区产量未受到较大影响的情况下，供需面不支持焦煤持续暴涨， 当前市场情绪波动巨大，风险很高，建议观望，等待情绪稳定，关注政策执行力度。传明天政治局会议 召开，关注政策变化。 7月30日，国内期市能化板块跌幅居前。其中，焦煤期货主力合约开盘报1121.0元/吨，今日盘中高位震 荡运行；截至发稿，焦煤主力最高触及1172.0元，下方探低1119.0元，涨幅达5.47%附近。 目前来看，焦煤行情呈现震荡上行走势，盘面表现偏强。对于焦煤后市行情将如何运行，相关机构观点 汇总如下： 瑞达期货（002961）分析称，宏观方面，中美经贸会谈又有新进展，根据会谈共识，双方将继续推动已 暂停的美方对等关税24%部分以及中方反制措施如期展期90天。供需情况，本期澳巴铁矿石发运量增 加，到港量减少，国内港口库存继续提升，但同比降幅扩大；钢厂高炉开工率持平，铁水产量维持240 万吨上方，需求支撑依存。整体上，会议预期发酵及焦煤重新走高，钢价大涨支撑炉料偏强运行。技术 上，I2509合约1小时MACD指标显示DI ...

（文章来源：21世纪经济报道） 据新华社报道，中国商务部国际贸易谈判代表兼副部长李成钢29日晚在瑞典斯德哥尔摩说，根据中美新 一轮经贸会谈共识，双方将继续推动已暂停的美方对等关税24%部分以及中方反制措施如期展期。 当地时间7月28日至29日，中美双方经贸团队在斯德哥尔摩举行新一轮经贸会谈。李成钢在会谈结束后 对媒体表示，在过去一天半时间里，中美双方贯彻落实两国元首6月5日通话重要共识，充分发挥中美经 贸磋商机制作用，就彼此关切的重要经贸议题进行了坦诚、深入、富有建设性的交流。 ...

Report Industry Investment Rating - Unspecified Core Viewpoints - Propylene supply pressure is significantly increasing, with short - term fundamentals showing no obvious improvement. New capacity is being released, and downstream demand is weak. However, PP powder production profit has recovered [3]. - For polyolefins, the third round of Sino - US economic and trade talks may bring positive news. Supply pressure is increasing due to the restart of maintenance devices and new device production. Cost - side support is weak, and downstream demand is mainly for rigid replenishment [3]. Summary by Directory 1. Propylene Basis Structure - Includes charts of propylene main contract closing price, East China basis, North China basis, and 01 - 05 contract [10][13] 2. Propylene Production Profit and Operating Rate - Charts show propylene CFR in China - naphtha CFR in Japan, propylene capacity utilization rate, PDH production margin, PDH capacity utilization rate, MTO production margin, and methanol - to - olefins capacity utilization rate [19][27][29] 3. Propylene Import and Export Profit - Charts cover the price differences between South Korea FOB - China CFR, Japan CFR - China CFR, Southeast Asia CFR - China CFR, and propylene import profit [35][37] 4. Propylene Downstream Profit and Operating Rate - Charts display the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [43][45][48] 5. Propylene Inventory - Charts show propylene in - plant inventory and PP powder in - plant inventory [69] 6. Polyolefin Basis Structure - Includes charts of plastic futures main contract trend, LL East China - main contract basis, polypropylene futures main contract trend, and PP East China - main contract basis [70][74] 7. Polyolefin Production Profit and Operating Rate - Charts cover LL production profit (crude - oil - based), PE operating rate, PE weekly output, PE maintenance loss, PP production profit (crude - oil - based), PP production profit (PDH - based), PP operating rate, PP weekly output, and PDH - based PP capacity utilization rate [79][81][84] 8. Polyolefin Non - Standard Price Difference - Charts show the price differences between HD injection - LL East China, HD blow - molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn wire East China, and PP homopolymer injection - drawn wire East China [94][101][102] 9. Polyolefin Import and Export Profit - Charts include LL import profit, LL US Gulf FOB - China CFR, LL Southeast Asia CFR - China CFR, LL Europe FD - China CFR, PP import profit, PP export profit (to Southeast Asia), PP homopolymer injection US Gulf FOB - China CFR, PP homopolymer injection Southeast Asia CFR - China CFR, PP homopolymer injection Northwest Europe FOB - China CFR, and LL export profit [107][111][117] 10. Polyolefin Downstream Operating Rate and Profit - Charts show PE downstream agricultural film operating rate, PE downstream packaging film operating rate, PE downstream stretch film - LL - 2300, PP downstream woven bag operating rate, PP downstream BOPP operating rate, PP downstream injection molding operating rate, PP downstream woven bag production margin, and PP downstream BOPP production margin [127][128][134] 11. Polyolefin Inventory - Charts cover PE oil - based enterprise inventory, PE coal - chemical enterprise inventory, PE trader inventory, PE port inventory, PP oil - based enterprise inventory, PP coal - chemical enterprise inventory, PP trader inventory, and PP port inventory [136][140][144] Strategies - Unilateral: Neutral - Inter - period: PL01 - 05 reverse spread - Inter - variety: Long PL2601 and short PP2509 [4]

Report Summary 1. Report Industry Investment Rating - No information provided in the given documents. 2. Report's Core View - Both沪胶and合成胶are expected to run strongly.沪胶期货2509合约and合成胶期货2509合约are likely to maintain a volatile and strong trend on Wednesday [1][5][7]. 3. Summary by Relevant Catalogs 3.1 Price and Trend Information - **沪胶（RU）**: The 2509 contract of domestic沪胶期货slightly rose 0.73% to 15,085 yuan/ton on Tuesday night. It is expected to maintain a volatile and strong trend on Wednesday [5]. - **合成胶（BR）**: The domestic合成胶期货slightly rose 0.21% to 11,880 yuan/ton on Tuesday night. It is expected that the 2509 contract of合成胶期货will maintain a volatile and strong trend on Wednesday [7]. 3.2 Driving Logic - The core driving logic for both沪胶and合成胶is that the third - round economic and trade talks between China and the US were held in Sweden this week. After one - and - a - half days of negotiations, in - depth, candid and constructive exchanges were conducted on major issues of mutual concern. According to the consensus of both sides, they will continue to promote the extension of the 24% part of the suspended reciprocal tariffs by the US and China's counter - measures as scheduled. Although there are still differences between the two sides, the financial market expects that if the talks don't succeed, they can be postponed. In any case, the macro - sentiment will improve, creating a bullish atmosphere [5][7].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The methanol 2509 contract is expected to run strongly, with a short - term and intraday view of being oscillating and strong, and a medium - term view of being oscillating [1][5] 3. Summary by Related Content - **Price Movement and View** - The short - term view of methanol 2509 is oscillating and strong, the medium - term view is oscillating, the intraday view is oscillating and strong, and the reference view is to run strongly [1] - On Tuesday night, the domestic synthetic rubber futures slightly closed up 1.03% to 2442 yuan/ton, and it is expected that the domestic methanol futures 2509 contract may maintain an oscillating and strong trend on Wednesday [5] - **Core Logic** - This week, China and the US held the third round of economic and trade talks in Sweden. After a day - and - a - half negotiation, in - depth, candid and constructive exchanges were carried out on major issues of mutual concern. According to the consensus of both sides, they will continue to promote the extension of the 24% part of the suspended reciprocal tariffs by the US and China's counter - measures as scheduled. Although there are still differences between the two sides, the financial market expects that if the talks don't succeed, they can be postponed. The macro - sentiment will improve, and under the support of a bullish atmosphere, the methanol futures may show an oscillating and strong trend [5]

Group 1 - The Asia-Pacific stock markets experienced varying degrees of decline, with A-shares fluctuating between gains and losses, indicating a cautious atmosphere [1] - The recent decline is not due to panic but rather a rational warning from a savvy segment of investors who sense the risk of an overheated market, although the majority still believe the Chinese market is not overheated [1] - The foreign exchange market provided signals, with the US dollar index surging by 1%, equivalent to a 2%-3% increase in the stock market, indicating that risks are just beginning to emerge [1] Group 2 - The rise of the US dollar was largely driven by the sharp decline of the euro, which fell due to market distrust regarding the US-EU trade agreement, suggesting potential changes in the agreement should be monitored [1] - The initial relief regarding a 15% tax on Europe has turned pessimistic, as French and German leaders expressed concerns that this outcome would hinder economic growth, negatively impacting European stock markets and bond yields [1] - Investors are also focused on the US-China economic talks, which lasted over five hours in Stockholm, with significant market volatility expected around the announcement of the outcomes [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Macroeconomically, the market anticipates that the China-US economic and trade talks will bring positive news; in terms of industry, the iron ore port inventory continues to rise, but the molten iron output remains at a high level, so there is still demand support. For the I2509 contract, be cautious when chasing high prices. Buying on dips can still be considered, and pay attention to the operation rhythm and risk control. Also, it's advisable to buy call options opportunistically [7][50]. Summary by Relevant Catalogs 1. Weekly Highlights Summary a. Market Review - As of the close on July 25, the futures price of the main iron ore contract was 802.5 (+17.5) yuan/ton, and the price of Macfayden powder at Qingdao Port was 832 (+15) yuan/dry ton. - The global iron ore shipment volume increased by 122000 tons week-on-week. From July 14 to July 20, 2025, the global iron ore shipment volume was 31.091 million tons, with an increase of 122000 tons. The shipment volume from Australia and Brazil was 25.52 million tons, a decrease of 6800 tons. - The arrival volume at 47 ports in China decreased by 371400 tons. From July 14 to July 20, 2025, the total arrival volume at 47 ports in China was 25.118 million tons, a decrease of 371400 tons; the total arrival volume at 45 ports was 23.712 million tons, a decrease of 290900 tons; the total arrival volume at the six northern ports was 13.892 million tons, an increase of 241300 tons. - The molten iron output decreased by 210 tons. The average daily molten iron output was 2.4223 million tons, a decrease of 210 tons from last week and an increase of 2620 tons compared to the same period last year. - The port inventory increased by 14170 tons. As of July 25, 2025, the imported iron ore inventory at 47 ports in China was 143.9568 million tons, an increase of 14170 tons week-on-week and a decrease of 14.5226 million tons year-on-year. The imported ore inventory of 247 steel mills was 88.8522 million tons, an increase of 63060 tons week-on-week. - The profitability rate of steel mills was 63.64%, an increase of 3.47 percentage points from last week and an increase of 48.49 percentage points compared to the same period last year [5]. b. Market Outlook - Macro aspect: Overseas, the European Central Bank kept its three key interest rates unchanged, hitting the "pause button" on rate cuts for the first time after eight consecutive rate cuts since June last year. Trump said he was abandoning the idea of firing Powell. Domestically, the State-owned Assets Supervision and Administration Commission of the State Council stated that it should take the lead in resisting "involutionary" competition and strengthen restructuring and integration. The Ministry of Commerce announced that Vice Premier He Lifeng will go to Sweden for economic and trade talks with the US from July 27 to 30. - Supply and demand aspect: The iron ore shipment volume from Australia and Brazil increased, and the domestic port inventory continued to rise, but the year-on-year decline widened; the blast furnace operating rate of steel mills remained flat, and the molten iron output decreased slightly but remained above 2.4 million tons, so the demand support still exists. - Technical aspect: The iron ore I2509 contract is still in an upward channel, with the daily K-line moving average combination in a bullish arrangement; the MACD indicator shows that the upward momentum of DIFF and DEA has slowed down, and the red bars have shrunk. - Strategy suggestion: Considering the macro situation, the market expects positive news from the China-US economic and trade talks; in terms of the industry, the iron ore port inventory continues to rise, but the molten iron output remains at a high level, so there is still demand support. Be cautious when chasing high prices for the I2509 contract. Buying on dips can still be considered, and pay attention to the operation rhythm and risk control [7]. 2. Futures and Spot Market - This week, the I2509 contract rose and then pulled back. It performed weaker than the I2601 contract. On the 25th, the price difference was 30 yuan/ton, a week-on-week decrease of 2 yuan/ton. - This week, the iron ore warehouse receipts increased. On July 25, the warehouse receipt volume of iron ore at the Dalian Commodity Exchange was 3400 lots, a week-on-week increase of 400 lots. The net short position of the top 20 holders of the ore futures contract was 25163 lots, an increase of 21618 lots compared to the previous week. - This week, the spot price increased. On July 25, the 61% Australian Macfayden powder ore at Qingdao Port was reported at 832 yuan/dry ton, a week-on-week increase of 15 yuan/dry ton. This week, the spot price of iron ore was weaker than the futures price. On the 25th, the basis was 29 yuan/ton, a week-on-week decrease of 2 yuan/ton [13][19][25]. 3. Industry Situation - The total arrival volume at 47 ports in China decreased this period. From July 14 to July 20, 2025, the global iron ore shipment volume was 31.091 million tons, an increase of 122000 tons; the iron ore shipment volume from Australia and Brazil was 25.52 million tons, a decrease of 6800 tons. The shipment volume from Australia was 16.294 million tons, a decrease of 108900 tons, and the volume shipped from Australia to China was 14.436 million tons, an increase of 13500 tons. The shipment volume from Brazil was 9.226 million tons, an increase of 102100 tons. The total arrival volume at 47 ports in China was 25.118 million tons, a decrease of 371400 tons; the total arrival volume at 45 ports was 23.712 million tons, a decrease of 290900 tons; the total arrival volume at the six northern ports was 13.892 million tons, an increase of 241300 tons. - The iron ore port inventory increased. This week, the total imported iron ore inventory at 47 ports was 143.9568 million tons, an increase of 14170 tons; the average daily port clearance volume was 3.2933 million tons, a decrease of 94300 tons. In terms of components, the Australian ore inventory was 63.0925 million tons, an increase of 88430 tons; the Brazilian ore inventory was 51.396 million tons, a decrease of 38630 tons; the trading ore inventory was 91.8357 million tons, a decrease of 9970 tons. The total imported iron ore inventory of steel mills was 88.8522 million tons, an increase of 63060 tons; the current daily consumption of imported ore by the sample steel mills was 3.011 million tons, a decrease of 150 tons; the inventory consumption ratio was 29.51 days, an increase of 0.22 days. - The available days of iron ore inventory for the sample steel mills increased this period. As of July 24, the average available days of imported iron ore inventory for domestic large and medium-sized steel mills was 21 days, an increase of 1 day. On July 24, the Baltic Dry Bulk Shipping Index BDI was 2258, a week-on-week increase of 206. - The iron ore import volume increased, and the mine capacity utilization rate was adjusted upward. According to customs data, in June 2025, China's iron ore and concentrate imports were 105.948 million tons, a year-on-year increase of 0.1%; from January to June, the imports were 592.205 million tons, a year-on-year decrease of 3%. As of July 25, the capacity utilization rate of 266 mines was 64.48%, an increase of 0.68%; the average daily concentrate output was 406800 tons, an increase of 4300 tons; the inventory was 410000 tons, a decrease of 44500 tons. - The domestic iron ore concentrate output declined. In June 2025, China's iron ore raw ore output was 88.97 million tons, a year-on-year decrease of 8.4%. The iron concentrate output of 433 iron mine enterprises was 23.304 million tons, a month-on-month decrease of 76200 tons, a decline of 3.2%; from January to June, the cumulative output was 137.753 million tons, a cumulative year-on-year decrease of 11.932 million tons, a decline of 8.0% [28][31][34][38][41]. 4. Downstream Situation - From January to June, the crude steel output decreased year-on-year. In June 2025, China's crude steel output was 83.18 million tons, a year-on-year decrease of 9.2%; from January to June, the output was 514.83 million tons, a year-on-year decrease of 3.0%. In June, China's steel exports were 9.678 million tons, a month-on-month decrease of 900000 tons, a decline of 8.5%; from January to June, the cumulative exports were 58.147 million tons, a year-on-year increase of 9.2%. In June, China's steel imports were 470000 tons, a month-on-month decrease of 11000 tons, a decline of 2.3%; from January to June, the cumulative imports were 3.023 million tons, a year-on-year decrease of 16.4%. - The blast furnace operating rate of steel mills increased, and the molten iron output decreased. On July 25, the blast furnace operating rate of 247 steel mills was 83.46%, the same as last week and an increase of 1.13 percentage points compared to last year; the blast furnace ironmaking capacity utilization rate was 90.81%, a decrease of 0.08 percentage points from last week and an increase of 1.20 percentage points compared to last year. The average daily molten iron output of 247 steel mills was 2.4223 million tons, a decrease of 210 tons from last week and an increase of 2620 tons compared to last year [44][47]. 5. Options Market - In the past two days, the ore price has pulled back from a high level, but the anti-involution expectation will continue to benefit the black series. Therefore, there is still a possibility of a rebound after the iron ore adjustment. It is recommended to buy call options opportunistically [50].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The National Development and Reform Commission will improve the institutional mechanism for the coordinated development of state - owned and private enterprises to enhance economic vitality and industrial competitiveness [2] - As of the end of June, the cumulative installed power generation capacity in China reached 3.65 billion kilowatts, with significant growth in solar and wind power, while the average utilization hours of power generation equipment decreased [2] - Chinese Vice - Premier He Lifeng will go to Sweden from July 27th to 30th to hold economic and trade talks with the US, aiming to continue consultations on economic and trade issues [3] Section Summaries Hot News - On July 23rd, the National Development and Reform Commission held a corporate symposium on the coordinated development of state - owned and private enterprises [2] - As of the end of June, the cumulative installed power generation capacity in China was 3.65 billion kilowatts, solar power was 1.1 billion kilowatts, and wind power was 0.57 billion kilowatts [2] - He Lifeng will hold economic and trade talks with the US in Sweden from July 27th to 30th [3] - Trump's claim that reducing short - term interest rates would save $1 trillion in annual interest expenses is unlikely to be true [3] - US House Speaker Johnson is disappointed with Fed Chairman Powell, and he is unclear about the legal power to remove the Fed Chairman [3] Plate Performance - Key focus: Coking coal, soda ash, coke, methanol, pulp [4] - Night - session performance: Non - metallic building materials rose 2.55%, precious metals 29.66%, oilseeds 12.09%, etc. [4] Plate Positions - The document shows the position changes of commodity futures plates in the past five days, but specific data are not summarized here [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.01% daily, 4.00% monthly, and 6.88% annually; the Hang Seng Index rose 1.62% daily, 6.09% monthly, and 27.31% annually, etc. [6] - Fixed - income: 10 - year treasury bond futures fell 0.11% daily, 0.34% monthly, and 0.37% annually [6] - Commodity: The CRB commodity index rose 0.02% daily, 2.21% monthly, and 2.40% annually; London spot gold fell 1.30% daily, rose 2.56% monthly, and 29.06% annually [6] - Others: The US dollar index fell 0.15% daily, rose 0.45% monthly, and fell 10.40% annually; the CBOE volatility index was flat daily, fell 1.37% monthly, and 4.90% annually [6]