Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The macro - atmosphere has weakened, and the commodity market has declined across the board. Zhengzhou cotton (ZCE cotton) funds have reduced positions and exited the market. The short - term price of cotton is expected to fluctuate weakly. Although the cotton fundamentals are stable, with low commercial inventories providing some support, the lack of upward - driving factors and the weakening technical indicators suggest a cautious outlook. For downstream textile enterprises, they can consider selling out - of - the - money put options to reduce raw material procurement costs when prices fall [2][3][46]. 3. Summary by Section 3.1 First Part: Basic Data of Domestic and International Cotton Markets - **Price Changes of Major Commodities and Cotton**: From July 25 to August 1, the CRB commodity price index decreased by 2.3% (from 302.25 to 295.28 points), the ICE cotton futures' December contract dropped by 2.65% (from 68.23 to 66.42 cents/pound), and the main 09 contract of ZCE cotton fell by 585 yuan/ton to 13585 yuan/ton, with a reduction of 179,000 lots in positions to 326,000 lots. Some commodities like gold and crude oil rose, while agricultural products generally declined [2][7][10]. - **Imported Cotton Prices**: The CNF quotes of imported cotton in major ports decreased. For example, the price of US E/MOTM decreased by 0.6 cents/pound, and that of Brazilian M decreased by 1.9 cents/pound [9]. - **Domestic Cotton and Yarn Market**: Domestic cotton spot and futures prices dropped significantly. In the cotton yarn market, downstream demand was weak, and transactions slowed down. The immediate profit of spinning enterprises improved, and the cash - flow loss of inland spinning enterprises shrank to less than 500 yuan/ton [10]. 3.2 Second Part: Domestic Market Situation - **Textile Raw Material Prices**: On August 1, compared with July 25, the price trends of raw materials such as polyester staple fiber, viscose, and cotton were mixed. For example, polyester staple fiber decreased by 35 yuan/ton, while viscose increased by 10 yuan/ton [14]. - **Yarn Prices**: The price of domestic and imported yarns generally declined. The price difference between domestic and imported yarns narrowed, and the price difference between domestic cotton and international cotton (under sliding - scale duty) widened [18][20][26]. 3.3 Third Part: ZCE Cotton Market Analysis - **ZCE Cotton Warehouse Receipts and Forecasts**: As of August 1, the registered warehouse receipts of ZCE cotton were 8807 lots (378,000 tons), with 348 valid forecasts, and the total of warehouse receipts and forecasts was 393,000 tons, down from 419,000 tons on July 25 [30]. - **ZCE Cotton Futures - Spot Price Difference**: The price difference between ZCE cotton futures and the CCI3128B index widened. The price difference between ZCE cotton and ICE cotton (under sliding - scale duty) also increased [32][33]. - **ZCE Cotton Price Analysis**: Macroeconomic factors and policies at home and abroad have an impact on cotton prices. The overall growth of US cotton plants is good, while India's cotton sowing progress lags behind last year. The inspection of Xinjiang - related products has rebounded. Technically, the indicators of ZCE cotton have weakened [34][35][39]. 3.4 Fourth Part: International Market Analysis - **US Cotton Export Dynamics**: From July 18 - 24, the net signing of US 2024/25 - year land cotton decreased significantly compared with the previous week but increased significantly compared with the four - week average. The shipment of land cotton increased. The net signing and shipment of Pima cotton showed different trends. New - year contracts were also signed [42]. - **ICE Cotton Futures Analysis**: On August 1, the ICE cotton futures' December contract decreased by 2.65% compared with July 25. Technically, the indicators have weakened [44]. 3.5 Fifth Part: Operation Suggestions For downstream textile enterprises, when the raw material price drops, they can consider selling out - of - the - money put options to reduce the cost of raw material procurement [46].

Report Industry Investment Rating - No industry investment rating information is provided in the document. Core Views - This week, the major market indices all increased. Among them, the CSI 500 led in terms of the increase in the valuation quantile of the price - earnings ratio index, and the STAR 50 led in terms of the increase in the valuation quantile of the price - to - book ratio index. In the industry aspect, 27 out of 31 Shenwan primary industries rose, with the top five gainers being building materials, coal, steel, non - ferrous metals, and building decoration; the declining industries were banking, communication, public utilities, and comprehensive [2]. - In the public fund market, the hot topics included the release of public fund market data by the Asset Management Association of China and the expansion of personal pension funds. In terms of performance, equity funds generally rose this week, with quantitative funds having the largest increase of 2.22%. Pure - bond funds ranged from a decline of 0.30% to an increase of 0.34%. Among FOF funds, pension - target FOF rose 0.60% with a positive - return ratio of 98.09%. Additionally, QDII funds rose an average of 1.10% with a positive - return ratio of 85.36% [3]. - In the ETF market, the overall capital inflow was 1.922 billion yuan this week, with the scale significantly decreasing compared to the previous period. Structurally, cross - border ETFs had the largest capital inflow of 10.322 billion yuan this week, while stock - type ETFs had a net outflow of 5.453 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market reached 383.785 billion yuan, the average daily trading volume was 170.951 billion shares, and the average daily turnover rate was 10.33%. In terms of individual bonds, the inflow trend of STAR - bond - related ETFs continued this week. Among broad - based indices, the CSI A500 index had an outflow close to 8 billion yuan. From the perspective of industry themes, sectors such as Hong Kong non - banking and construction were favored by funds [4]. - This week, 23 new funds were issued, 10 fewer than last week; 36 new funds were established, 2 more than last week. The new funds raised a total of 27.661 billion yuan, 3.003 billion yuan less than last week [5]. Summary by Relevant Catalogs 1. This Week's Market Review 1.1 Domestic Market Situation - From July 21 to July 25, 2025, the major equity market indices continued to rise. The STAR 50 had the largest increase of 4.63%, and the CSI 500 also had an increase of over 3%. In the industry sector, 27 out of 31 Shenwan primary industries rose, with the top five gainers being building materials, coal, steel, non - ferrous metals, and building decoration; the declining industries were banking, communication, public utilities, and comprehensive. In the bond market, the ChinaBond Composite Full - Price Index fell 0.44%, and the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices fell between 0.23% and 0.61%. The CSI Convertible Bond Index rose 2.14%. In the commodity market, the Nanhua Commodity Index rose 2.73% [13]. 1.2 European, American, and Asia - Pacific Market Situation - This week, the major indices in European, American, and Asia - Pacific markets showed mixed performance. In the US stock market, the S&P 500 index rose 0.98%, the Dow Jones Industrial Average rose 1.30%, and the Nasdaq index rose 1.02%. In the European market, the French CAC40 rose 0.15%, and the German DAX fell 0.30%. In the Asia - Pacific market, the Hang Seng Index rose 2.27%, and the Nikkei 225 rose 4.11% [22]. 1.3 Market Valuation Situation - This week, the major market indices all increased. The CSI 500 led in terms of the increase in the valuation quantile of the price - earnings ratio index, and the STAR 50 led in terms of the increase in the valuation quantile of the price - to - book ratio index. In the industry aspect, the top five industries with the highest historical quantiles of the price - earnings ratio valuation of the Shenwan primary index this week were real estate, banking, automobiles, electronics, and steel. Among them, the price - earnings ratio valuation quantile of real estate had reached 98.6%, and attention should be paid to the potential correction risk in the future. The five industries with relatively low historical quantiles of the price - earnings ratio valuation this week were agriculture, forestry, animal husbandry, and fishery, non - banking finance, food and beverage, non - ferrous metals, and light manufacturing [25]. 2. Active Public Fund Situation - Market hot topics: On July 24, the Asset Management Association of China released public fund market data. As of the end of June 2025, there were 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public fund qualifications. These institutions managed a total net asset value of public funds of 34.39 trillion yuan. Personal pension funds had a significant expansion, with the CSI 500 index - enhanced funds from Guotai Haitong Asset Management, Bodao Fund, and Tianhong Fund, as well as the China Merchants CSI 300 index - enhanced fund, announcing the addition of Class Y fund shares only available for purchase with personal pension funds and revising legal documents such as the fund contract. So far, the number of index - enhanced fund products in personal pension funds has increased from 19 to 23, with underlying indices covering many options such as the SSE 50, CSI 300, CSI 500, CSI 800, and CSI Dividend [33]. - Market performance: This week, equity funds generally rose, with quantitative funds having the largest increase of 2.22%. Pure - bond funds ranged from a decline of 0.30% to an increase of 0.34%. Among FOF funds, pension - target FOF rose 0.60% with a positive - return ratio of 98.09%. Additionally, QDII funds rose an average of 1.10% with a positive - return ratio of 85.36% [33]. - Through the calculation of the industry positions of active equity funds, the industries with the largest increase in positions this week were building materials, coal, and building decoration; the industries with the largest decline were national defense and military industry, electronics, and biomedicine. The overall position of active equity funds on July 25, 2025, was 75.38%, a decrease of 3.14 percentage points compared to last week [3][41][43]. 3. ETF Fund Situation - This week, the overall capital inflow of the ETF market was 1.922 billion yuan, with the scale significantly decreasing compared to the previous period. Structurally, cross - border ETFs had the largest capital inflow of 10.322 billion yuan this week, while stock - type ETFs had a net outflow of 5.453 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market reached 383.785 billion yuan, the average daily trading volume was 170.951 billion shares, and the average daily turnover rate was 10.33% [4][48]. - In terms of individual bonds, the inflow trend of STAR - bond - related ETFs continued this week. Among broad - based indices, the CSI A500 index had an outflow close to 8 billion yuan. From the perspective of industry themes, sectors such as Hong Kong non - banking and construction were favored by funds. ETF targets with relatively large net inflows included the CSI Hong Kong Securities Investment Theme, the CSI Hong Kong Stock Connect Non - Banking Financial Theme, and the CSI All - Share Building Materials Index; ETF targets with relatively large net outflows included the SSE STAR Market Composite, the SSE STAR 50 Component, and the ChiNext Index [4][49]. 4. Fund Issuance Statistics - This week, 23 new funds were issued in China, 10 fewer than last week. Among them, there were 6 actively managed equity - biased funds and 10 passive index funds. Among the 10 passive index funds, 8 were stock - type, mainly tracking indices such as the China Securities General Aviation Industry, the CSI All - Share Free Cash Flow, the CSI 800 Free Cash Flow, and the China Securities Robot Industry Index [55]. - This week, 36 new funds were established in China, 2 more than last week. The new funds raised a total of 27.661 billion yuan, 3.003 billion yuan less than last week. The largest - raising fund was the Huatai - PineBridge Stable - Benefit 6 - Month Holding Bond A managed by Li Wei and Gan Xinyu, with a raising scale of approximately 3.741 billion yuan [59].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Commodity sentiment has turned positive, domestic PTA production capacity supply has shrunk, PTA port inventories have declined, and a large number of warehouse receipts are being cancelled [2] - The spread between PX and naphtha has expanded to around $250, while the alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX remains at around $90 [2] - In July, bottle chips and short fibers are about to enter the maintenance cycle. Market port inventories are being depleted, and polyester replenishment has improved as the basis weakens [2] - The early maintenance of mainstream PTA factories has significantly boosted the market [2] 3. Summary According to Relevant Catalogs 3.1 Price Changes - PTA spot price increased from 4815 to 4895, with a change of 80 [2] - MEG domestic price rose from 4530 to 4582, up 52 [2] - PTA closing price went up from 4850 to 4936, an increase of 86 [2] - MEG closing price increased from 4485 to 4545, up 60 [2] - 1.4D direct-spun polyester staple fiber price rose from 6650 to 6705, up 55 [2] - Short fiber basis increased from 152 to 160, up 8 [2] - 8 - 9 spread changed from 8 to 22, a change of 14 [2] - Polyester staple fiber cash flow increased from 240 to 246, up 6 [2] - 1.4D imitation large chemical fiber price remained unchanged at 5750 [2] - The spread between 1.4D direct-spun and imitation large chemical fiber increased from 900 to 955, up 55 [2] - East China water bottle chip price increased from 5992 to 6084, up 92 [2] - Hot-filled polyester bottle chip price rose from 5992 to 6084, up 92 [2] - Carbonated-grade polyester bottle chip price increased from 6092 to 6184, up 92 [2] - Outer market water bottle chip price increased from 790 to 791, up 1 [2] - Bottle chip spot processing fee increased from 358 to 364, up 6.18 [2] - T32S pure polyester yarn price remained unchanged at 10420 [2] - T32S pure polyester yarn processing fee decreased from 3770 to 3715, down 55 [2] - Polyester-cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price decreased from 15350 to 15280, down 70 [2] - Polyester-cotton yarn profit decreased from 1089 to 1079, down 10.01 [2] - Virgin three-dimensional hollow (with silicon) price remained unchanged at 7045 [2] - Hollow short fiber 6 - 15D cash flow decreased from 211 to 125, down 85.82 [2] - Virgin low-melting short fiber price remained unchanged at 7370 [2] 3.2 Market Conditions - Short fiber: Driven by the anti-involution market, the overall trend of the commodity market was strong during the day. The spot market of polyester staple fiber fluctuated upwards following the futures price. The continuous price increase boosted downstream buying, the daily sales of factories improved slightly, and the quotation center of traders moved up [2] - Bottle chips: The market price of polyester bottle chips increased. Polyester raw materials PTA and bottle chip futures fluctuated strongly. During the day, the supply-side quotations of bottle chips were adjusted upwards. Downstream terminals were cautiously waiting and watching, the market trading atmosphere was cold, and it was difficult to make high-level transactions [2] 3.3 Load and Production and Sales Rates - Direct-spun short fiber load (weekly) decreased from 92.30% to 93.00%, a change of -0.01 [3] - Polyester staple fiber production and sales rate increased from 69.00% to 74.00%, up 5.00% [3] - Polyester yarn startup rate (weekly) decreased from 66.00% to 65.00%, a change of -0.01 [3] - Regenerated cotton-type load index (weekly) decreased from 51.50% to 46.00%, a change of -0.06 [3]

Core Viewpoint - The concept of an "open market of ideas" is crucial for economic development, as emphasized by economist Ronald Coase, who expressed concerns about the lack of such a market in China, linking it to various economic issues [2][16]. Group 1: Definition and Importance of the Idea Market - Coase defines the "market of ideas" as a broad concept that encompasses the expression and competition of academic, viewpoints, and beliefs, emphasizing the need for freedom in both the production and acceptance of ideas [4][5]. - An open idea market fosters innovation, as a lack of free exchange of thoughts can stifle creativity and lead to stagnation in innovation [6]. - The idea market serves as a correction mechanism, allowing erroneous beliefs to be challenged and eliminated through competition, thus forming a social consensus [7][8]. Group 2: Economic Implications of the Idea Market - The idea market is essential for institutional evolution, as it encourages the necessary institutional innovations for economic transformation [11]. - It plays a critical role in resource allocation, as restrictions on the freedom of thought can lead to talent misallocation and waste of resources [13][14]. - Coase's theories suggest that a clear "intellectual property" framework can enhance the effective allocation of knowledge resources [14]. Group 3: Historical Context and Future Outlook - Historical evidence indicates that countries that successfully transitioned economically often had open idea markets, highlighting their importance in economic success [16][18]. - Coase's insights into the idea market are rooted in the thoughts of historical figures like Milton, who advocated for the significance of free thought [20]. - The future of the idea market is seen as a necessary evolution, with expectations that it will significantly benefit macroeconomic conditions through enhanced discourse [18][20].

Group 1: Market Trends - The Wenhua Commodity Index experienced a significant fluctuation, breaking through the 162-point resistance level but quickly falling back, indicating a false breakout signal [3] - The commodity index has undergone a complete wave correction since peaking in October 2021 and is currently in a new upward phase, with the third wave of growth just beginning [3] - The internal structure of the index shows clear differentiation, with the coal sector leading the market due to supply-side reform expectations and active procurement from downstream steel mills [3] Group 2: Policy Impact - The "anti-involution" policy has catalyzed a rebound in the South China Commodity Index, which has risen over 6% since June and more than 2% in July, driven by low valuations and marginal improvements in fundamentals [5] - The glass market has shown a notable response to policy expectations, with a significant increase in production and sales rates, particularly in Hubei, leading to a substantial reduction in national inventory [7] Group 3: Sector Performance - The commodity market is experiencing a clear divergence, with strong price increases in sectors related to the new energy industry, black metals, building materials, and chemicals, while agricultural products remain relatively weak [8] - The black metal sector continues its rebound, with notable price increases in rebar and raw materials, while non-ferrous metals are experiencing volatility [8] Group 4: Future Outlook - The continuation of the strong market performance depends on three key variables: the realization of policy expectations, the matching of supply and demand rhythms, and the degree of demand fulfillment during peak seasons [10] - Historical data indicates that the fourth quarter is a traditional peak demand season for glass, with significant construction activity expected, which could positively impact prices if inventory reductions continue [11] - The commodity market is at a crossroads, with seasonal patterns suggesting an upcoming demand peak in the second half of the year, particularly for coal, oil, and petrochemical products [10][11]

Market Overview - U.S. stocks traded mostly lower, with the Dow Jones index dropping over 250 points, down 0.60% to 44,382.58, while the NASDAQ rose slightly by 0.06% to 20,643.06, and the S&P 500 fell 0.23% to 6,266.23 [1] - European shares were lower, with the eurozone's STOXX 600 dipping 1.07%, Spain's IBEX 35 Index falling 0.99%, London's FTSE 100 down 0.47%, Germany's DAX 40 slipping 0.81%, and France's CAC 40 declining 0.94% [5] - Asian markets closed mixed, with Japan's Nikkei down 0.19%, Hong Kong's Hang Seng up 0.46%, China's Shanghai Composite gaining 0.01%, and India's BSE Sensex falling 0.83% [6] Company Earnings - WD-40 Co. (WDFC) reported better-than-expected earnings for its third quarter, although sales missed estimates. The company raised its FY2025 EPS guidance but narrowed its sales forecast [2] Stock Movements - MiNK Therapeutics, Inc. (INKT) shares surged 526% to $48.40 following a publication in Oncogene [8] - Ruanyun Edai Technology Inc. (RYET) shares increased by 19% to $18.37 after signing a strategic partnership with Confucius Institute at Prince Sultan University [8] - Signing Day Sports, Inc. (SGN) shares rose 98% to $2.4350 due to advancements in its business combination with One BlockchAIn [8] - Milestone Pharmaceuticals Inc. (MIST) shares dropped 41% to $1.5050 after announcing a public offering [8] - Federal Agricultural Mortgage Corporation (AGM) shares fell 11% to $175.20 following the announcement of the departure of its Chief Financial Officer [8] - TransMedics Group, Inc. (TMDX) shares decreased by 10% to $112.93 [8] Commodities - In commodity news, oil prices increased by 2.6% to $68.28, gold rose by 1.5% to $3,375.80, silver gained 4.1% to $38.830, while copper fell by 0.9% to $5.5425 [4]

Group 1 - In June, China's manufacturing, non-manufacturing, and composite PMI rose to 49.7%, 50.5%, and 50.7% respectively, indicating a recovery in domestic market sentiment [1] - Domestic consumption policies have been strengthened, with the central government emphasizing the need to address low-price disorderly competition among enterprises, which is expected to boost domestic risk appetite in the short term [1] - Internationally, the US ISM manufacturing PMI increased to 49, and the ISM non-manufacturing index reached 50.8, both slightly above expectations, indicating a positive trend in the US economy [1] Group 2 - The market is currently focused on domestic incremental stimulus policies and trade negotiation progress, with macroeconomic conditions expected to improve in the short term [1] - The Federal Reserve has signaled a potential early interest rate cut, with the probability of a rate cut in September dropping to around 80% [1] - Short-term strategies suggest a cautious approach to A-shares, with a preference ranking of stock indices over government bonds and commodities [1] Group 3 - The bond market is experiencing reduced external risks and lower inflation expectations, leading to a strong short-term performance in bond prices [1] - Commodity markets are showing overall oscillation and rebound, with oil prices rebounding in the short term and non-ferrous metals continuing to show strength [1] - The strategy ranking for commodities is prioritized as precious metals, followed by non-ferrous, energy, and black metals [1]

Investment Rating - The report indicates a shift in the forecast for the next Fed rate cut to September from December, suggesting a more dovish stance from the Federal Reserve [1][2]. Core Insights - The report highlights that disinflationary pressures are emerging, with expectations that tariffs will have only a one-time effect on price levels. The labor market remains healthy, but job finding has become more challenging [1]. - The report anticipates two additional 25 basis point cuts in interest rates later in the year, with a terminal rate forecast of 3-3.25% [1]. - The market is beginning to price in faster Fed easing, which could lead to a weaker Dollar and higher gold prices, benefiting equities depending on the growth backdrop [2]. Summary by Sections Earlier Fed Cuts - The forecast for the next Fed rate cut has been moved to September, with expectations of two more cuts in October and December [1]. - The terminal rate is now expected to be between 3-3.25%, down from a previous range of 3.5-3.75% [1]. US and UK Fiscal Policy - The report discusses the potential impact of the Trump Administration's fiscal policy, particularly the "One Big Beautiful Bill Act," which may enhance foreign investment appetite in the US [8]. - UK fiscal policy is also under scrutiny due to recent selloffs in Gilts, indicating a need for close monitoring [8]. Q2 Earnings Season - The upcoming Q2 earnings season is expected to show S&P 500 firms beating consensus estimates, with insights into how companies are adapting to higher tariffs [8]. - It is assumed that US consumers will absorb 70% of the direct costs of tariffs, but lower pass-through rates could pose risks to corporate margins [8]. Commodities Outlook - Oil markets are pricing a low probability of major supply disruptions, with expectations of falling oil prices due to strong supply growth [8]. - Conversely, gold prices are expected to rise due to increased central bank demand, and US copper prices may also see significant upside due to potential tariffs [8]. SLR Reform - The Fed's supplementary leverage ratio reform is anticipated to benefit banks by providing more flexibility for short-term secured financing and potentially increasing Treasury purchases during stress periods [9].

Market Overview - The A-share market experienced a strong rally this week, with nearly 90% of stocks achieving positive returns, driven by improved global risk appetite due to geopolitical developments and supportive policies in Hong Kong [2][12] - The bond market saw a slight pullback, but overall liquidity remained balanced, aided by the central bank's net injection of over 1 trillion yuan [2][8] Stock Market Insights - The stock market is expected to maintain a favorable risk appetite due to reduced international geopolitical risks and a weaker US dollar, despite the recent rally not being driven by economic fundamentals [6][10] - Structural investment opportunities are anticipated even if market turnover does not continue to increase significantly [6] Bond Market Analysis - The bond market is currently stable with no basis for a significant adjustment, and it is advisable to gradually increase positions during pullbacks [8] - The weak economic fundamentals are providing support for the bond market, making bonds suitable as a stabilizing asset in a diversified portfolio [8] Commodity Market Trends - Gold prices have been in a corrective phase after reaching high levels earlier this year, with COMEX gold failing to break the $3,500 per ounce mark [9][40] - The commodity index saw a weekly decline of 2.00%, with specific sectors like energy and agricultural products experiencing notable drops [40][42] Industry Performance - In the stock market, the computer, defense, and non-bank financial sectors showed strong performance with weekly gains of +7.70%, +6.90%, and +6.66% respectively [22][25] - The banking sector also performed well, with a year-on-year increase of 32.02% [25] Key Events Impacting the Market - The recent ceasefire agreement between Israel and Iran has positively influenced market sentiment [30] - The upcoming summer Davos Forum, attended by Chinese Premier Li Qiang, is expected to draw attention to China's economic policies [29]

Group 1: Commodity Market Overview - The domestic commodity futures market experienced mixed results on June 25, with urea and red dates leading gains of over 2% [1] - The SC crude oil futures contract fell by over 8%, while high-sulfur fuel oil dropped more than 5% [1] - The China Securities Commodity Futures Price Index closed at 1374.19 points, down 16.51 points or 1.19% from the previous trading day [1] Group 2: Urea and Red Dates - Urea futures saw a strong rebound with a 2.47% increase, recovering losses from earlier in the week due to increased demand and inventory depletion expectations [2] - Concerns over weather conditions affecting red date production led to a rise of over 2%, reaching a four-month high, despite current low consumption levels [2] Group 3: Other Commodities - Silicon manganese and ferrosilicon both increased by over 1%, with ferrosilicon reaching a one-month high [3] - The overall market sentiment improved, contributing to gains in coke, stainless steel, industrial silicon, and nickel, all closing up by over 1% [3] Group 4: Oil Market Dynamics - Oil prices continued to decline due to easing geopolitical tensions, with SC crude oil futures down 8.13% [4] - Despite a decrease in U.S. API crude oil inventories, concerns about supply disruptions remain, limiting the extent of price declines [4] - The outlook for oil prices remains cautious, with potential for further declines due to OPEC+ production increases and high tariffs affecting global demand [4] Group 5: Shipping and Freight Rates - The shipping market for the European route saw its fifth consecutive day of declines, with a drop of 3.07% in the main contract [5] - Freight rates for routes from Shanghai to European ports have decreased compared to the previous week, indicating a potential oversupply in the market [5] - The expectation of price increases by airlines has diminished due to weakened market sentiment and competition among carriers [5]