Core Insights - The report emphasizes the concept of "bull market thinking," which has become a frequent topic among institutional investors, focusing on strategies derived from over 70,000 active equity fund quarterly reports from 2008 to 2021 [2][3] - The report identifies ten key thoughts that encapsulate the essence of "bull market thinking," including shifts in investment strategies, the role of leverage, and the importance of maintaining high positions during a bull market [2][3] Group 1: Investment Strategy - Investment strategies should shift from "conservative defense" to "aggressive offense," with flexible adjustments in positions and structures to capture market opportunities [3][4] - In the early stages of a bull market, valuation recovery drives the market, while profitability determines the sustainability and height of the bull market [5][6] - Maintaining a high position is more critical than timing the market during a bull market, as missing out on overall market gains poses a greater risk than potential pullbacks [9][10] Group 2: Leverage and Market Dynamics - Leverage funds act as both an "accelerator" for bull markets and a "risk amplifier," significantly impacting market volatility and dynamics [7][8] - Different types of incremental funds have profound effects on the valuation system during bull markets, with foreign capital and public funds influencing market trends and valuations [10][11] Group 3: Sector Focus and Market Trends - Identifying and focusing on the main industry lines during each bull market is crucial for achieving excess returns, as these lines reflect macro policies and economic transformations [11][12] - The distinction between "storytelling" and "performance" is essential, as different bull market drivers yield varying returns based on market conditions [13][14] Group 4: Market Adaptation and Valuation - Investors must respect market dynamics and be willing to adjust their strategies in response to changing conditions, emphasizing the importance of continuous decision optimization [15][16] - Bull markets can reshape valuation systems, but caution is advised against "pseudo-growth" stocks, with a focus on companies that demonstrate solid fundamentals [17][18] Group 5: Quality and Pricing - The definition of quality companies remains unchanged, but the requirements for "good prices" are increasingly stringent, necessitating a careful selection of stocks that offer both quality and reasonable valuations [19][20]

Core Viewpoint - HWH International's stock price surged over 178% to $4.02, but the company's fundamentals remain under significant pressure [1] Financial Performance - HWH's earnings capability is under continuous strain, with an EBITDA margin of -128% and a net margin of -144.7%, indicating severe losses [1] - The company's gross margin remains relatively high at 60.5%, but overall profitability has not improved due to high costs and expenses [1] Market Sentiment - Market analysts generally hold a pessimistic view on HWH, believing that the fundamental challenges have not improved and there are no new positive developments to support a sustained stock price rebound [1] - In the consumer discretionary sector, particularly in the hotel, lodging, and leisure industry, HWH is underperforming and lacks competitive strength [1] Trading Analysis - Technical analysts identify $2.37 as a significant resistance level, and if the stock price cannot maintain above $1.86, it may face a risk of decline [1] Company Overview - HWH International Inc. is a membership-based lifestyle company that integrates online and offline services, providing a comprehensive platform focused on "health, wealth, and happiness" through consumption, education, and community experiences [1]

Investment Rating - The report suggests a positive outlook for the A-share market, driven by improved liquidity and structural opportunities, particularly in the consumption and high-end manufacturing sectors [3][15][22] Core Insights - The A-share market's recent surge is primarily attributed to liquidity improvements rather than fundamental earnings growth, with the net profit expectation for the market raised to 4.9 trillion yuan, corresponding to an 8% growth rate, which does not align with the 36% increase in the CSI 300 index [1][2][17] - The report highlights the significant role of insurance funds and passive funds in driving market activity, with insurance capital inflows reaching 620 billion yuan in the first half of the year, matching last year's total [6][10] - Structural opportunities are emphasized, particularly in the areas of aesthetic consumption and high-end manufacturing exports, suggesting that investors should focus on sectors with clear growth potential [15][22] Summary by Sections Market Performance - The A-share market has seen a substantial increase in daily trading volume, exceeding 20 trillion yuan since mid-August, indicating heightened activity from domestic quantitative traders and individual investors [2][4] - Financing balances have increased by over 300 billion yuan since March, with the financing buy ratio recovering to over 11%, reflecting a healthy state of leverage in the market [5][11] Fund Flows - Passive funds have accelerated their entry into the market, with the total scale of A-share ETFs surpassing 5 trillion yuan, and stock-based products now accounting for 70% of total net value [10][11] - The report notes that the current allocation of insurance funds to stocks is 13.1%, below the historical peak of 14.8%, indicating potential for further increases in stock allocations [6][8] Investment Strategies - Investors are advised to focus on structural opportunities in the consumption sector, particularly in areas like inbound tourism and innovative consumer products, as well as in high-end manufacturing sectors such as electronics and automotive [15][16][22] - The report suggests that while liquidity is favorable, attention should also be paid to the recovery of fundamentals, with a recommendation to avoid sectors that rely solely on liquidity without solid fundamentals [3][14][17]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current oil price is relatively undervalued, and the static fundamentals and dynamic forecasts remain good. The view of over - allocating crude oil from last week is maintained, but it is not advisable to chase the high at the current price. If the geopolitical premium re - emerges, the oil price will have more upside potential [2] - For methanol, it is recommended to wait and see in the short - term for single - side trading, and pay attention to the positive spread arbitrage opportunities after the improvement of supply and demand [4] - For urea, it is recommended to pay attention to going long at low prices as the price downside is limited [6] - For rubber, it is expected that the rubber price will fluctuate strongly, and a moderately long - biased approach with short - term trading is advisable. Part of the "long RU2601 and short RU2509" position can be closed [11] - For PVC, due to the weak supply - demand and high valuation situation, it is recommended to wait and see [11] - For benzene - ethylene, when the inventory destocking inflection point appears, the benzene - ethylene price may rebound [15] - For polyethylene, the price may fluctuate upward in the long - term [17] - For polypropylene, it is recommended to go long on the LL - PP2601 contract at low prices [18] - For PX, it is recommended to follow the crude oil and go long at low prices when the peak season comes [21] - For PTA, it is recommended to follow PX and go long at low prices after the peak - season downstream performance improves [22] - For ethylene glycol, although there is short - term support, there is downward pressure on the medium - term valuation [23] Summary by Directory Crude Oil - **Market Quotes**: WTI main crude oil futures rose $0.97, or 1.52%, to $64.74; Brent main crude oil futures rose $0.95, or 1.40%, to $68.74; INE main crude oil futures fell 1.40 yuan, or 0.29%, to 485.6 yuan [1] - **Data**: China's weekly crude oil data showed that the crude oil arrival inventory decreased by 0.43 million barrels to 209.84 million barrels, a 0.21% decrease; gasoline commercial inventory decreased by 1.51 million barrels to 88.63 million barrels, a 1.68% decrease; diesel commercial inventory increased by 0.59 million barrels to 105.18 million barrels, a 0.56% increase; total refined oil commercial inventory decreased by 0.92 million barrels to 193.81 million barrels, a 0.47% decrease [1] Methanol - **Market Quotes**: On August 25, the 01 contract rose 19 yuan/ton to 2424 yuan/ton, and the spot price rose 5 yuan/ton with a basis of - 124 [4] - **Fundamentals**: Coal prices continued to rise, costs increased, enterprise profits were still good, domestic production started to recover, and supply increased marginally. Overseas plant operations returned to medium - high levels, and subsequent imports would also rebound rapidly. The port MTO plants stopped operating and were expected to resume at the end of the month. Traditional demand was currently weak. Although the market had expectations for the peak season and MTO resumption, port inventory was rising rapidly [4] Urea - **Market Quotes**: On August 25, the 01 contract rose 6 yuan/ton to 1745 yuan/ton, and the spot price fell 30 yuan/ton with a basis of - 55 [6] - **Fundamentals**: The daily output was at a high level, enterprise profits were at a low level, and supply pressure remained. The compound fertilizer production start - up rate declined, the melamine production start - up rate dropped to a year - on - year low, and agricultural demand entered the off - season. Domestic demand lacked support as a whole, but exports continued to progress, and port inventory increased again. The main demand variable was exports [6] Rubber - **Market Quotes**: NR and RU rebounded following the collective rebound of industrial products [8] - **Fundamentals**: The long side believed that the weather and rubber forest conditions in Southeast Asia, especially Thailand, might help increase rubber production to a limited extent; the seasonal pattern usually showed an upward trend in the second half of the year; and China's demand was expected to improve. The short side believed that the macro - economic outlook was uncertain, demand was in the seasonal off - season, and the positive impact on supply might be less than expected [9] - **Industry Conditions**: As of August 21, 2025, the full - steel tire production start - up rate in Shandong tire enterprises was 64.54%, up 1.47 percentage points from last week and 6.25 percentage points from the same period last year. The semi - steel tire production start - up rate of domestic tire enterprises was 74.38%, up 2.13 percentage points from last week and down 4.28 percentage points from the same period last year. As of August 10, 2025, China's natural rubber social inventory was 127.8 tons, a 1.1 - ton decrease or 0.85% decline; the total inventory of dark - colored rubber in China was 79.7 tons, a 0.8% decrease; the total inventory of light - colored rubber in China was 48 tons, a 0.8% decrease; the RU inventory increased by 1%. As of August 17, 2025, the natural rubber inventory in Qingdao was 48.54 (- 0.18) tons [10] - **Spot Prices**: Thai standard mixed rubber was 14,850 (+ 250) yuan; STR20 was reported at 1,830 (+ 30) dollars; STR20 mixed was 1,830 (+ 30) dollars; butadiene in Jiangsu and Zhejiang was 9,400 (+ 100) yuan; and cis - polybutadiene in North China was 11,600 (+ 100) yuan [11] PVC - **Market Quotes**: The PVC01 contract rose 28 yuan to 5,047 yuan, the Changzhou SG - 5 spot price was 4,770 (+ 30) yuan/ton, the basis was - 277 (+ 2) yuan/ton, and the 9 - 1 spread was - 154 (- 13) yuan/ton [11] - **Fundamentals**: On the cost side, the carbide price in Wuhai was 2,300 (+ 40) yuan/ton, the medium - grade semi - coke price was 660 (+ 30) yuan/ton, and the ethylene price was 830 (0) dollars/ton. The caustic soda spot price was 860 (+ 10) yuan/ton. The overall PVC production start - up rate was 77.6%, a 2.7% decrease; the calcium - carbide method production start - up rate was 76.8%, a 3.2% decrease; the ethylene method production start - up rate was 79.6%, a 1.7% decrease. The overall downstream production start - up rate was 42.7%, a 0.1% decrease. The in - factory inventory was 30.6 tons (- 2.1), and the social inventory was 85.3 tons (+ 4.1). Enterprises' comprehensive profits were at a high level this year, the valuation pressure was large, the maintenance volume was small, and the output was at a historical high. In the short - term, multiple plants were put into operation. Downstream, the domestic production start - up rate was at a five - year low. In terms of exports, after the anti - dumping tax rate in India was determined, the export outlook weakened. The cost of carbide fluctuated, and caustic soda was strong, so the overall valuation support was weak [11] Benzene - Ethylene - **Market Quotes**: The spot price and futures price of benzene - ethylene both decreased, and the basis weakened [13][15] - **Fundamentals**: The market's macro - economic sentiment was good, and there was still support on the cost side. The BZN spread was at a relatively low level compared to the same period, with a large upward adjustment space. On the cost side, the pure - benzene production start - up rate fluctuated moderately, and the supply was still abundant. On the supply side, the profit of ethylbenzene dehydrogenation decreased, but the benzene - ethylene production start - up rate continued to rise. The benzene - ethylene port inventory continued to increase significantly. At the end of the off - season, the overall production start - up rate of the three S products on the demand side fluctuated upward [13][15] Polyolefins Polyethylene - **Market Quotes**: The futures price of polyethylene rose [17] - **Fundamentals**: The market was expecting favorable policies from the Chinese Ministry of Finance in the third quarter, and there was still support on the cost side. The polyethylene spot price remained unchanged, and the PE valuation had limited downward space. The overall inventory decreased from a high level, providing support for the price. The seasonal peak season was approaching, and the raw material procurement for agricultural films on the demand side had started. The overall production start - up rate fluctuated at a low level and stabilized [17] Polypropylene - **Market Quotes**: The futures price of polypropylene rose [18] - **Fundamentals**: The profit of Shandong refineries stopped falling and rebounded, and the production start - up rate was expected to gradually recover, leading to a marginal increase in propylene supply. On the demand side, the downstream production start - up rate fluctuated at a low level. In August, there were only 450,000 tons of planned polypropylene production capacity to be put into operation. Although the seasonal peak season might be approaching, under the background of weak supply and demand, the overall inventory pressure was high, and there was no prominent short - term contradiction [18] PX, PTA, and Ethylene Glycol PX - **Market Quotes**: The PX11 contract rose 4 yuan to 6,970 yuan, the PX CFR rose 2 dollars to 859 dollars, the basis was 76 yuan (- 3), and the 11 - 1 spread was 68 yuan (+ 2) [20] - **Fundamentals**: In terms of PX load, China's load was 84.6%, up 0.3%; Asia's load was 76.3%, up 2.2%. There were few changes in domestic plants, while overseas, a 530,000 - ton plant in Thailand and a 1.34 - million - ton plant in Saudi Arabia restarted. The PTA load was 72.9%, down 3.5%. In terms of plants, Jiayuan reduced its load and then recovered, Jiaxing Petrochemical's extended - maintenance plant was restarting, Hainan Yisheng was under maintenance, Hengli Huizhou had an unplanned shutdown, and the second line of Hailun Petrochemical was put into operation. In terms of imports, South Korea exported 294,000 tons of PX to China in the first and middle ten - days of August, a year - on - year increase of 55,000 tons. The inventory at the end of June was 4.138 million tons, a 210,000 - ton decrease from the previous month. In terms of valuation and cost, PXN was 270 dollars (0), and the naphtha cracking spread was 94 dollars (+ 6). Currently, the PX load remained at a high level, and there were many short - term unexpected maintenance situations for downstream PTA, so the overall load center was relatively low. However, due to the commissioning of new PTA plants, PX was expected to maintain low inventory, and there was support for the valuation at the lower end. Moreover, the terminal and polyester data were gradually improving, releasing the upstream valuation space. The current valuation was at a neutral level, and the terminal and polyester sectors were expected to continue to recover [20] PTA - **Market Quotes**: The PTA01 contract fell 6 yuan to 4,862 yuan, the East China spot price fell 20 yuan/ton to 4,850 yuan, the basis was 22 yuan (0), and the 9 - 1 spread was - 34 yuan (- 14) [22] - **Fundamentals**: The PTA load was 72.9%, down 3.5%. In terms of plants, Jiayuan reduced its load and then recovered, Jiaxing Petrochemical's extended - maintenance plant was restarting, Hainan Yisheng was under maintenance, Hengli Huizhou had an unplanned shutdown, and the second line of Hailun Petrochemical was put into operation. The downstream load was 90%, up 0.6%. In terms of plants, the load of some local plants increased. The terminal texturing load increased by 7% to 79%, and the loom load increased by 5% to 68%. As of August 15, the social inventory (excluding credit warehouse receipts) was 2.25 million tons, a 23,000 - ton decrease. In terms of valuation and cost, the PTA spot processing fee fell 20 yuan to 228 yuan, and the futures processing fee fell 7 yuan to 334 yuan. In the future, on the supply side, the unexpected maintenance volume in August increased, and the inventory - building pattern changed to inventory - reduction. The PTA processing fee was expected to continue to recover. On the demand side, the inventory pressure of polyester fibers decreased, and the downstream and terminal production start - up rates improved, releasing the upstream valuation space. In terms of valuation, PXN had the momentum to rise supported by the improved situation brought about by PTA commissioning. Recently, the valuation expanded due to the boost from unexpected PTA maintenance. It was recommended to follow PX and go long at low prices after the peak - season downstream performance improved [22] Ethylene Glycol - **Market Quotes**: The EG01 contract rose 35 yuan to 4,509 yuan, the East China spot price rose 24 yuan to 4,542 yuan, the basis was 98 yuan (+ 6), and the 9 - 1 spread was - 59 yuan (- 5) [23] - **Fundamentals**: On the supply side, the ethylene glycol load was 73.2%, up 6.2%. Among them, the synthetic - gas - based production load was 81.3%, up 0.8%; the ethylene - based production load was 68.3%, up 9.4%. In terms of synthetic - gas - based plants, Tianying restarted, Jianyuan reduced its load, Guanghui, Meijin, and Sinochem increased their loads, and Shaanxi Weihua was under maintenance. In the oil - chemical sector, one of Shenghong's plants restarted, and Zhejiang Petrochemical increased its load. Overseas, Lotte in the United States and Petronas in Malaysia restarted. The downstream load was 90%, up 0.6%. In terms of plants, the load of some local plants increased. The terminal texturing load increased by 7% to 79%, and the loom load increased by 5% to 68%. The import arrival forecast was 54,000 tons, and the average daily departure volume from East China ports from August 22 - 24 was 14,000 tons. The port inventory was 50 tons, a 47,000 - ton decrease. In terms of valuation and cost, the profit of naphtha - based production was - 384 yuan, the profit of domestic ethylene - based production was - 569 yuan, and the profit of coal - based production was 1,104 yuan. The cost of ethylene remained unchanged at 830 dollars, and the price of Yulin pit - mouth bituminous coal fines decreased to 520 yuan. In terms of industry fundamentals, overseas and domestic maintenance plants were gradually restarting, and the downstream production start - up rate was gradually recovering from the off - season, but the supply was still in excess. It was expected that the port inventory would enter an inventory - building cycle in the medium - term. The valuation was relatively high compared to the same period, the fundamentals changed from strong to weak. Although there was short - term support from less arrival volume and policy sentiment, there was downward pressure on the medium - term valuation [23]

Market Trend & Token Performance - Ethereum led a rally in altcoins, with older tokens showing renewed activity, particularly in the NFT sector with $PENGU and GameFi with $YGG [1] - $YGG outperformed its GameFi peers and experienced increased trading volume, suggesting potential underlying activity beyond market sentiment [1] - From yesterday to this morning, YGG rose from below 0.15 to 0.18, leading the GameFi sector [1] Potential Buyback & Financial Analysis - On-chain data indicates a potential $YGG buyback, with 1 million USDT deposited into Binance using $YGG's deposit address [1] - A large amount of $YGG was withdrawn from the exchange to a multi-signature wallet belonging to YGG, suggesting a buyback [1] - YGG's revenue for the previous month was nearly 1 million USD, indicating a solid fundamental base [1] Implications of Buyback - A buyback suggests the project believes the current token price is undervalued [1] - Buybacks aim to support the price by reducing market circulation [1] - Buybacks signal confidence to the market, as those most knowledgeable about the project are investing [1]

Market Overview - The bond market experienced fluctuations on August 15, with most government bond futures closing lower, particularly the 30-year main contract which fell by 0.29% to 117.480 [1][2] - The interbank bond yield initially decreased before rising by approximately 1 basis point in the afternoon, indicating a cautious sentiment among investors [1][2] Monetary Policy and Liquidity - The central bank conducted a net injection of 116 billion yuan through reverse repos, with a total of 238 billion yuan in 7-day reverse repos conducted at a rate of 1.40% [1][6] - The upcoming tax period is expected to lead to a tightening of liquidity, although there remains confidence in the central bank's ability to provide timely support [1][6] Economic Indicators - In July, the industrial output increased by 5.7% year-on-year, slightly below the expected 5.8%, while retail sales grew by 3.7%, also below expectations [8] - Fixed asset investment for the first seven months of the year rose by 1.6%, falling short of the anticipated 2.7% [8] Real Estate Market - The real estate sector showed signs of decline, with a 12% year-on-year drop in development investment and a 4% decrease in new housing sales area [8] - The real estate development climate index stood at 93.34 in July, indicating ongoing challenges in the sector [8] Institutional Insights - Huatai Securities recommends focusing on high-quality leading companies with long-term growth potential, particularly in sectors like new energy, semiconductors, and biomedicine [10] - Xingsheng Fixed Income suggests that the bond market may face downward pressure in the latter half of August, with potential buying opportunities as yields approach 1.75% for 10-year bonds and 2.0% for 30-year bonds [10]

Cryptocurrency Market Analysis - New cryptocurrencies (new coins) are currently the primary focus of activity in the cryptocurrency market [1] - New coins generally lack fundamental value [1] - Established cryptocurrencies (old coins) like ENA possess strong fundamentals [1]

Group 1 - The report indicates that despite multiple events intertwining, the bond market sentiment has shown signs of recovery amidst volatility, with a focus returning to fundamentals and liquidity after a period of policy uncertainty [2][12][22] - The recent tax adjustment on interest income from newly issued government bonds is expected to lead to a one-time and structural price reassessment rather than a trend change, with potential central bank support to smooth the market response [3][11][21] - The report identifies four relatively certain impacts of the tax adjustment, including an estimated widening of the new and old bond yield spread by 6-11 basis points, benefits for certain bond types, enhanced advantages for asset management products, and increased attractiveness of credit assets for banks [3][8][9] Group 2 - The report suggests that the current recovery in bond market sentiment may have continuity, particularly as three core variables show marginal changes, including an increasing probability of a peak in social financing growth and signs of economic pressure in the second half of the year [4][15][18] - The basic economic indicators have begun to reflect a scenario of marginal pressure, with PMI data showing declines in production and demand orders, supporting the view of weakening economic momentum [15][22] - The likelihood of a significant tightening of liquidity is low, as the central bank is expected to maintain a supportive stance in light of the economic conditions, potentially leading to a continuation of a relatively loose liquidity environment [5][18][22]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The nickel market is affected by macro - sentiment at the margin, and fundamentals determine its elasticity. Nickel prices are expected to be under pressure and fluctuate narrowly at a low level. The contradiction at the mine end has faded, and the smelting end logic leads to a narrow - range fluctuation judgment. Stainless steel is expected to show a low - level oscillation pattern, with macro hype sentiment fading and the influence of actual verification increasing [1][2]. 3. Summary by Related Catalogs Nickel Market - **Fundamentals**: After the contradiction at the nickel mine end fades, the smelting end logic suggests a narrow - range fluctuation. The premium of Indonesian nickel mines has回调, and the cash cost of pyrometallurgy has decreased by 1.4%. The global visible inventory of refined nickel shows a mild increasing trend, and the expected increase in low - cost supply in the long - term still drags down the market. However, the de - stocking of nickel - iron inventory at a high level slightly boosts the nickel price valuation [1]. - **Macro Factors**: Domestically, the Politburo meeting emphasizes implementing previous supportive measures, and the market valuation may回调 marginally. Overseas, the weakening US dollar supports non - ferrous metals but suppresses industrial external demand expectations [1]. - **Inventory Changes**: China's refined nickel social inventory decreased by 536 tons to 38,578 tons, LME nickel inventory increased by 5,160 tons to 209,082 tons [3][4]. Stainless Steel Market - **Production Arrangement**: In August, the stainless - steel production arrangement is 3.23 million tons, with a marginal increase of 0% year - on - year and 3% month - on - month. The cumulative year - on - year increase has slightly declined to 2.1%. In Indonesia, the August production arrangement is 440,000 tons, with a year - on - year increase of 3% and a month - on - month increase of 2%, and the cumulative year - on - year growth is 1.2% [2]. - **Cost and Profit**: The nickel - iron price has been revised up to 920 yuan/line, and the cash cost of stainless - steel billets is about 12,584 yuan/ton. The warehousing profit has回调 from a high of 3.0% to 1.4% [2]. - **Inventory**: After the production cut in June - July, the stainless - steel inventory has declined for three consecutive weeks, with a cumulative decline of about 5%, but it is still 5% higher than last year. The nickel - iron inventory has decreased by 10% month - on - month but is 56% higher year - on - year, which may drag down the steel price [2][5]. Market News - Canada's Ontario Province may stop exporting nickel to the US due to tariff threats [6]. - China Enfi's EPC - contracted Indonesian CNI nickel - iron RKEF Phase I project has successfully produced nickel - iron, with an annual production of about 12,500 tons of metallic nickel per single line [6]. - Environmental violations have been found in Indonesia's Morowali Industrial Park, and possible fines may be imposed on verified illegal companies [6]. - Indonesia plans to shorten the mining quota period from three years to one year [6][7]. - The production of some nickel - iron smelting plants in Indonesia has been suspended due to long - term losses, which is expected to affect the monthly nickel - iron output by about 1,900 metal tons [7]. Futures Data - **Prices**: The closing price of the Shanghai nickel main contract is 119,770, and the closing price of the stainless - steel main contract is 12,840 [8]. - **Volumes**: The trading volume of the Shanghai nickel main contract is 106,856, and the trading volume of the stainless - steel main contract is 124,683 [8].

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 1, 2025 [2] - Research Team: Non - Ferrous Metals Research Team, including Peng Jinglin, Zhang Ping, and Yu Feifei [4] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - After the macro - favorable factors are exhausted, the commodity market continues to decline, and non - ferrous metals close down across the board. The Shanghai zinc futures price closes at 22,345 yuan/ton, down 345 yuan or 1.52%, with increased volume and reduced positions. The LME zinc inventory continues to decrease, and the注销仓单 ratio remains high. After the macro situation is settled, there is no super - expected stimulus, but the anti - involution policy is still an important policy direction. The loose pattern of zinc concentrates continues to be transmitted to the zinc ingot end, and the over - supply pressure during the off - season of demand is reflected in the inventory. The price logic may gradually return to the fundamentals, and the Shanghai zinc price still has room to decline [7] 3. Summary by Directory 3.1 Market Review - **Futures Market Quotes**: For different delivery months of Shanghai zinc futures (2508, 2509, 2510), the opening, closing, highest, and lowest prices, as well as the changes in prices and positions are presented. For example, the 2508 contract opens at 22,595 yuan/ton, closes at 22,635 yuan/ton, with a price increase of 10 yuan and a decrease in positions of 3,108 [7] - **Market Conditions**: The macro - favorable factors are exhausted, the commodity market declines, and non - ferrous metals close down. The Shanghai zinc price closes at 22,345 yuan/ton, down 345 yuan or 1.52%, with increased volume and reduced positions. The LME zinc inventory decreases by 4,250 tons to 104,800 tons, and the 0 - 3 spread is 2.69C. The market shows that after the macro situation is settled, the price logic may return to the fundamentals, and the Shanghai zinc price has room to decline [7] 3.2 Industry News - **Price and Premium Information**: On July 31, 2025, the mainstream transaction prices of different grades of zinc in different regions (Shanghai, Ningbo, Tianjin, Guangdong) are reported, along with the premium or discount information of different brands relative to different contracts and regions. For example, in Shanghai, the 0 zinc mainstream transaction price is 22,340 - 22,620 yuan/ton, and the common domestic brands offer a premium of 50 - 70 yuan/ton over the 2508 contract [8] 3.3 Data Overview - **Data Sources**: The data in the report comes from Wind, SMM, and the research and development department of Jianxin Futures [12][14][15] - **Graphs**: The report mentions graphs such as the trend of zinc prices in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory [15][16]