Market Overview - On July 16, the Shanghai Composite Index decreased by 0.03%, the CSI 300 fell by 0.3%, the STAR 50 rose by 0.14%, the CSI 1000 increased by 0.3%, the ChiNext Index dropped by 0.22%, and the Hang Seng Index declined by 0.29% [4] - The best-performing industries on July 16 were social services (+1.13%), automotive (+1.07%), pharmaceutical and biotechnology (+0.95%), light industry manufacturing (+0.94%), and agriculture, forestry, animal husbandry, and fishery (+0.85%). The worst-performing industries were steel (-1.28%), banking (-0.74%), non-ferrous metals (-0.45%), non-bank financials (-0.43%), and construction decoration (-0.42%) [4] - The total trading volume of the A-share market on July 16 was 14,617.34 billion yuan, with a net inflow of 1.603 billion Hong Kong dollars from southbound funds [4] Key Insights - The macroeconomic research indicates that with the gradual implementation of tariffs, external demand is expected to weaken, signaling an approaching downturn in exports. Attention is drawn to the impact of tariff conflicts on companies establishing overseas warehouses for cross-border stockpiling, which may disrupt export rhythms [5] - The macroeconomic deep report highlights that the economic recovery in June shows a good momentum, with the actual GDP growth in the second quarter at 5.2%. The growth rate of industrial added value above designated size in June increased by 6.8% year-on-year, indicating a significant divergence between supply and demand [6]

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the impact of geopolitical conflicts on the A-share market and sector rotation strategies. Core Points and Arguments 1. **Geopolitical Conflicts and Market Dynamics** The analysis focuses on how geopolitical events, such as the Russia-Ukraine conflict and the India-Pakistan tensions, influence sector performance in the A-share market. The report aims to fill a gap in existing research on this topic [2][5][6]. 2. **Sector Rotation Strategy** The importance of sector rotation is emphasized, suggesting that investors should adapt their strategies based on market conditions and geopolitical events. The report advocates for a shift towards growth-oriented assets during favorable conditions [1][2]. 3. **Historical Data Analysis** The report analyzes 12 significant geopolitical conflicts since the new century, primarily in the Middle East, to identify patterns in excess returns across different sectors before, during, and after these events [3][4][6]. 4. **Impact of Conflicts on A-share Performance** The analysis indicates that prior to conflicts, there is a rise in risk aversion, affecting sectors differently. Defensive sectors like steel and utilities may benefit, while consumer sectors tend to suffer [7][9]. 5. **Market Volatility During Conflicts** The report finds that, except for the 2008 financial crisis, A-share volatility remains relatively stable in the lead-up to geopolitical conflicts, suggesting that markets may not react as dramatically as feared [8][9]. 6. **Sector-Specific Responses to Conflicts** - **Military and Energy Sectors**: These sectors are expected to see increased demand and orders due to heightened geopolitical risks [8][10]. - **Consumer Sectors**: These are likely to be negatively impacted due to increased uncertainty and risk aversion [9][10]. - **Technology and Growth Stocks**: These sectors may experience significant pressure during conflicts but could recover as tensions ease [11][14]. 7. **Post-Conflict Economic Recovery** After conflicts, there is an anticipated shift towards economic recovery, benefiting sectors like banking and consumer goods. The report suggests that banks will see improved lending conditions and asset quality as economic activity resumes [16][17]. 8. **Long-Term Investment Outlook** The report identifies military, technology, and healthcare sectors as long-term growth opportunities, while also highlighting the cyclical nature of energy and consumer sectors [25][26]. Other Important but Possibly Overlooked Content 1. **Behavioral Finance Insights** The report draws parallels with behavioral finance, suggesting that historical patterns can inform future investment strategies during geopolitical tensions [2][3]. 2. **Global Context** The analysis also references historical conflicts, such as World War II and the Cold War, to provide context for current market behaviors and sector performances [19][20][21]. 3. **Future Geopolitical Risks** The report warns that ongoing geopolitical tensions, particularly in regions like India-Pakistan and the Middle East, may continue to influence market dynamics and investment strategies [28]. 4. **Investment Strategy Recommendations** The report concludes with recommendations for investors to consider sector rotation based on the phases of geopolitical conflicts, advocating for a proactive approach to asset allocation [27][28].

Report Industry Investment Rating - The oil market rating for the current week has been adjusted from relatively strong to neutral and volatile [5] Core Views - **Crude Oil**: In Q2, global oil inventories increased by 2.7%, accelerating marginally from 2% in Q1. In the first week of Q3, overall inventories decreased by 0.3% due to crude oil destocking and refined oil stockpiling. The upward drive of strong real - world factors on oil prices may be weakening, and the further upside for Brent above $70 per barrel is limited [5] - **Fuel Oil**: Last week, global fuel oil inventories decreased by 0.7% week - on - week and remained at a low level. The spread between high - and low - sulfur fuel oils in Singapore widened [5] - **Asphalt**: In June, refinery production exceeded the plan, breaking the de - stocking pattern. The increase in asphalt supply is still uncertain, and demand recovery is expected to be delayed [5] - **Natural Gas**: High temperatures have boosted market demand. In the US, the upside is limited before further strengthening of power demand. In Europe, the market is expected to remain volatile [8] - **LPG**: Middle East production pressure persists, and the overseas price continues to be weak. The domestic market is currently experiencing weak supply and demand, with the futures market showing weak volatility [8] - **Container Shipping Index (European Route)**: The spot price was stronger than expected last week. The short - term futures market will fluctuate with the spot price. In the medium term, freight rates are likely to decline seasonally [8] Summary by Relevant Catalogs Energy & Shipping Price Trends - **Energy Commodities**: Last week, crude - related products continued to rise, with Brent up 3.1%. By - products LPG and fuel oil were weak. The natural gas market showed mixed performance, with European gas up 5.2% and US gas down 0.89%. The steam coal market continued to rebound [4] - **Shipping**: European route quotes mostly remained stable in late July. US route freight rates bottomed out and stabilized, with SCFI West & East US routes up 5% and 1.2% week - on - week respectively [4] Crude Oil & Oil Products Chain Key Volume and Price Data - **Price Trends**: The crude oil monthly spread declined from a high. The premium of domestic futures was strong. The spot premium of crude oil declined slightly from a high [10] - **Crack Spreads**: Overseas gasoline and diesel crack spreads fluctuated, and the crack spread of high - sulfur fuel oil weakened. Domestic energy - chemical product crack spreads continued to decline with the rebound of crude oil [12] - **Global Oil Consumption High - Frequency Indicators**: The 7 - day average of global commercial flights was down 1.2% year - on - year. The 4 - week average of US refined oil apparent demand was down 1.6% year - on - year [13] - **China's Oil Consumption High - Frequency Indicators**: China's ground congestion index was flat year - on - year, and highway truck traffic was up 0.8% year - on - year. The number of domestic flights was up 2% year - on - year [17] - **Refining Profits & Refinery Operations**: The comprehensive refining profits of refineries in three regions and the refining margins of Chinese refineries are presented in the report, along with refinery capacity utilization rates [19] - **China & India Procurement Shipping Schedules**: In June, China's above - scale crude oil processing volume was up 8.5% year - on - year, and imports were up 7.4% year - on - year. India's crude oil imports and refining product demand also showed certain trends [22] - **Major Oil - Producing Countries' Shipping Schedules**: The shipping schedules of major oil - producing countries such as OPEC 9 countries, Saudi Arabia, Russia, and Iran are presented [24] - **US Crude Oil Production**: Data on US crude oil production, including production volume, four - week average year - on - year growth rate, and rig counts, are provided [26] - **Crude Oil Inventories**: Data on on - land commercial inventories, floating storage inventories, and total inventories of crude oil are presented [28] - **Refined Oil Inventories**: Data on global refined oil inventories, including light distillates, diesel, kerosene, and fuel oil, are provided [31] - **Fund Positions**: The relative net long positions of management funds in Brent and WTI crude oil are presented [33] Asphalt Key Volume and Price Data - **High - Frequency Supply and Demand**: The shipment volume of domestic refinery asphalt increased slightly week - on - week, and the cumulative year - on - year increase decreased by 1 percentage point to 7% compared to the end of June [5] - **Inventory**: Data on domestic asphalt inventories, including refinery inventories and trader inventories, are provided [38] Natural Gas Key Volume and Price Data - **Core Spreads**: Data on key spreads such as the TTF - balance spread, JKM - TTF spread, and HH forward curve are presented [41] - **Short - Term Temperature Forecast**: Short - term temperature forecasts for regions such as Northwest Europe, the US, and China are provided [46] - **European Consumption and LNG Imports**: Data on natural gas consumption and LNG imports in Europe are presented [49] - **US Production and Global LNG Exports**: Data on US natural gas production and LNG exports from the US, Qatar, and Australia are provided [51] - **Inventory Levels and Change Rates**: Data on natural gas inventory levels and change rates in the US and Europe are presented [53] LPG Key Volume and Price Data - **Core Spreads**: Data on key spreads such as the PG - FEI spread, ether - post - carbon - four - civil - gas spread, and Far - East propane - naphtha spread are presented [55] - **Inventory Levels**: Data on propane inventories in the US, refinery inventories in China, and port storage capacity utilization rates in South and East China are provided [57] Steam Coal Key Volume and Price Data - **Trade Spreads and Profits**: Data on inland trade shipping profits, high - calorie coal premiums at Bohai Rim ports, and the import advantages of imported coal are presented [59] - **Upstream Supply**: Data on the weekly production of 442 coal mines in the Three Western Regions, Ordos coal mine operating rates, and China's imported steam coal weekly shipments are provided [62] - **Mid - Stream Transportation**: Data on the supply - demand surplus, number of ships, and inventories at four Bohai Rim ports, as well as inland port inventories, are presented [64] - **Downstream Manufacturing & Construction Industry Prosperity**: Data on sub - industry PMIs, real estate sales areas, cement and coal - to - methanol operating rates, and steel mill blast furnace capacity utilization rates are provided [66] - **Downstream Daily Consumption & Inventory**: Data on the daily consumption and inventory of eight coastal provinces, seventeen inland provinces, and twenty - five provinces across the country are presented [68][69] Container Shipping (European Route) Key Volume and Price Data - **Price Trends**: The spot price was stronger than expected last week. The short - term futures market will fluctuate with the spot price, and the basis will gradually converge [71] - **Capacity Turnover**: Data on the idle capacity, sailing speed of container ships, and the scale of container ships in ports in Northwest Europe and Asia are presented [76]

Group 1 - The macroeconomic outlook has improved, leading to a strong performance in the A-share market. Recent international developments have shown marginal improvement, with the U.S. fiscal expansion plan helping to alleviate recession expectations and stabilize global capital markets [1] - Domestic efforts to combat "involution" are ongoing, which is expected to ease overcapacity concerns and positively impact profit expectations. Investors are closely monitoring macroeconomic data for June and the first half of the year, as well as future policy directions [1] - The two markets exhibited volatility and differentiation, with trading volume decreasing. On Monday, the Shanghai Composite Index experienced a slight rebound, closing above the five-day moving average, while the Shenzhen Component Index saw a slight decline. The total trading volume was around 1.4 trillion yuan, down from the previous Friday [1] Group 2 - The market structure showed more stocks rising than falling, with a notable increase in the number of stocks hitting the daily limit up, although there was also a rise in limit down stocks, which warrants attention. The main market focus was on the robotics and power sectors, with small-cap stocks leading in gains [1] - The Shanghai Composite Index has broken through the dense trading area from the fourth quarter of last year, continuing to move upward. After surpassing the small trading range from May and June, it has crossed above the dense trading area from the fourth quarter of last year, with the main technical resistance level now at the high point from early October last year, which also represents the top of the weekly large trading range [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Gaza ceasefire may see a turnaround, and the market is in a wait - and - see mood. Consider partial profit - taking if the market rises today, which meets the daily report's expectations [1] - Amid geopolitical conflicts and tariff fluctuations, the game is difficult. It is recommended to participate with light positions or stay on the sidelines [3] Group 3: Summary of Related Indexes Shipping Indexes - On July 4 - 7, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1285.2 points, down 7.92% from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 2258.04 points, up 6.3%; the NCFI (European route) was 1442.5 points, down 0.03%; the SCFIS (US West route) was 1557.77 points, down 3.8%; the NCFI (US West route) was 1176.6 points, down 24.27% [1] - On July 4, the Shanghai Export Container Freight Index (SCFI) was 1763.49 points, down 98.02 points from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1342.99 points, down 1.9%; the SCFI European route price was 2101 USD/TEU, up 3.50%; the CCFI (European route) was 1694.30 points, up 3.3%; the SCFI US West route was 2089 USD/FEU, down 18.97%; the CCFI (US West route) was 1084.28 points, down 10.5% [1] PMI Indexes - Eurozone's June manufacturing PMI flash was 49.4 (expected 49.8, previous 49.4); services PMI flash was 50 (2 - month high, expected 50, previous 49.7); composite PMI flash was 50.2 (expected 50.5, previous 50.2); Sentix investor confidence index was 0.2 (expected - 6, previous - 8.1) [2] - China's Caixin manufacturing PMI in June was 50.4, 2.1 points higher than May, and the same as April, back above the critical point [2] - US June Markit manufacturing PMI flash was 52 (same as May, higher than expected 51, 2 - month high); services PMI flash was 53.1 (lower than previous 53.7, higher than expected 52.9, 2 - month low); composite PMI flash was 52.8 (lower than previous 53, higher than expected 52.1, 2 - month low) [2] Group 4: Trading Strategies Short - term Strategy - For risk - takers, it was recommended to go long lightly on the 2510 contract below 1300 (has made a profit of over 100 points). Consider partial profit - taking if the market rises today. It is recommended to go short lightly on the EC2512 contract above 1650 and set stop - loss and take - profit levels [3] Arbitrage Strategy - With the volatile international situation, it is recommended to stay on the sidelines for now [3] Long - term Strategy - It is recommended to take profits when the contracts rise and wait for the market to stabilize after a pullback before making further judgments [3] Group 5: Market Conditions of Contracts - On July 10, the main contract 2508 closed at 2022.5, up 1.62%, with a trading volume of 3.46 million lots and an open interest of 3.09 million lots, a decrease of 403 lots from the previous day [3] - The daily limit for contracts 2506 - 2604 is adjusted to 16% [3] - The company's margin for contracts 2506 - 2604 is adjusted to 26% [3] - The intraday opening limit for all contracts 2506 - 2604 is 100 lots [3]

Report Industry Investment Rating - Not provided Core Viewpoints - Amid geopolitical conflicts and tariff fluctuations, trading is challenging, and it's recommended to participate with a light position or stay on the sidelines [2] - The short - term market may rebound, and risk - takers can consider partial profit - taking when the price surges today. For long - term strategies, take profits when the price rises and wait for the price to stabilize after a pullback before determining the next direction [1][3] Summary by Related Contents Shipping Market Information - On July 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for European routes was 2258.04 points, up 6.3% from the previous period; for the US West routes, it was 1557.77 points, down 3.8% from the previous period. On July 4, the Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.92% from the previous period [1] - On July 4, the Shanghai Export Container Freight Index (SCFI) was 1763.49 points, down 98.02 points from the previous period. The SCFI European line price was 2101 USD/TEU, up 3.50% from the previous period; the US West route was 2089 USD/FEU, down 18.97% from the previous period [1] - The China Export Container Freight Index (CCFI) composite index on July 4 was 1342.99 points, down 1.9% from the previous period; the European route was 1694.30 points, up 3.3% from the previous period; the US West route was 1084.28 points, down 10.5% from the previous period [1] Market News - The Trump administration has continued to impose tariffs on multiple countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. Some shipping companies have announced price increases, and the spot market has a small price increase to test the market [2] - China and the US are expected to hold consultations on trade issues next month. Houthi has stated that it will attack Israeli ships, and the cease - fire negotiation in Gaza is ongoing, with the market full of mixed long and short information [2] Market Data - On July 9, the main contract 2508 closed at 2012.5, up 1.69%. The trading volume was 25,400 lots, and the open interest was 31,300 lots, a decrease of 3709 lots from the previous day [2] Strategy Recommendations - Short - term strategy: The short - term market may rebound. Risk - takers were recommended to go long on the 2510 contract at below 1300 (with a profit margin of over 100 points). Consider partial profit - taking when the price surges today. For the EC2512 contract, go short lightly above 1650 and set stop - loss and take - profit levels [3] - Arbitrage strategy: Due to the volatile international situation, it's recommended to stay on the sidelines for now [3] - Long - term strategy: For each contract, take profits when the price rises, wait for the price to stabilize after a pullback, and then determine the subsequent direction [3] Contract Adjustments - The daily limit for contracts 2506 - 2604 is adjusted to 16% [3] - The company's margin for contracts 2506 - 2604 is adjusted to 26% [3] - The daily opening limit for all contracts from 2506 - 2604 is 100 lots [3]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the reports. 2. Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, the game in the market is difficult, and it is recommended to participate with a light position or wait and see [1][2]. - The short - term market may mainly rebound. Risk - preferring investors are advised to try to go long on the 2510 contract below 1300 and try to go short on the EC2512 contract above 1650, setting stop - loss and take - profit levels. In the context of international situation turmoil, it is recommended to wait and see for arbitrage strategies. For the long - term, it is advised to take profits when the contracts rise and wait for the market to stabilize after a pullback before making further judgments [3]. 3. Summary by Related Content Market Sentiment and Macro Factors - The threat of US tariffs on copper and pharmaceuticals led to a 17% overnight increase in New York copper, boosting market bullish sentiment [1]. - Trump's tariff policies, including the postponement of the "reciprocal tariff" implementation to August 1st and the announcement of tariff rates for 14 trading partners, have an impact on the market. The market has digested the negative information, and bullish sentiment is high [2][4]. Shipping Indexes - On July 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2258.04 points, up 6.3% from the previous period; for the US West route, it was 1557.77 points, down 3.8% [1]. - On July 4, the Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.92% from the previous period; the European route was 1442.5 points, down 0.03%; the US West route was 1176.6 points, down 24.27% [1]. - The Shanghai Export Container Freight Index (SCFI) announced price on July 4 was 1763.49 points, down 98.02 points from the previous period. The SCFI European route price was 2101 USD/TEU, up 3.50%; the US West route was 2089 USD/FEU, down 18.97% [1]. - The China Export Container Freight Index (CCFI) composite index on July 4 was 1342.99 points, down 1.9% from the previous period; the European route was 1694.30 points, up 3.3%; the US West route was 1084.28 points, down 10.5% [1]. Futures Market - On July 8, the main contract 2508 closed at 2006.2, with a 7.16% increase, a trading volume of 57,700 lots, and an open interest of 35,100 lots, an increase of 536 lots from the previous day [2]. - The daily limit for contracts 2506 - 2604 is adjusted to 16%, the margin is adjusted to 26%, and the daily opening limit for all contracts 2506 - 2604 is 100 lots [3]. PMI and Investor Confidence Index - The eurozone's June manufacturing PMI preliminary value was 49.4, the service PMI was 50 (a two - month high), and the composite PMI was 50.2. The Sentix investor confidence index was 0.2 [1]. - The Caixin China Manufacturing PMI in June was 50.4, up 2.1 percentage points from May [1]. - The US June Markit manufacturing PMI preliminary value was 52, the service PMI was 53.1, and the composite PMI was 52.8 [1].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - SCFIS on the European route continues to rise, while Trump's tariff hikes on multiple countries increase the difficulty of short - term market gaming. It is recommended to close all short positions and either participate with a light position or stay on the sidelines [2][4]. - The market is filled with a mix of long and short information, and the game is intense. The market is in a weak and volatile state. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4]. 3. Summary by Related Content 3.1 Freight Rate Index - On July 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2258.04 points, up 6.3% from the previous period; the SCFIS for the US - West route was 1557.77 points, down 3.8% [3]. - On July 4, the Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.92% from the previous period; the NCFI for the European route was 1442.5 points, down 0.03%; the NCFI for the US - West route was 1176.6 points, down 24.27% [3]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 1763.49 points, down 98.02 points from the previous period. The SCFI price for the European route was 2101 USD/TEU, up 3.50%; the SCFI price for the US - West route was 2089 USD/FEU, down 18.97% [3]. - The China Export Container Freight Index (CCFI) composite index was 1342.99 points, down 1.9% from the previous period; the CCFI for the European route was 1694.30 points, up 3.3%; the CCFI for the US - West route was 1084.28 points, down 10.5% [3]. 3.2 Market Situation and Policy Impact - Trump's tariff hikes on multiple countries, mainly in Southeast Asia, further hit re - export trade. The tariff negotiation date has been postponed to August 1. The spot market price range is set, with small price increases to test the market, and the futures market has a slight rebound [4]. - The cease - fire agreement in Gaza has not been reached, the spot freight rate has temporarily stabilized, SCFIS continues to rise, and the market is filled with a mix of long and short information, with intense gaming and a weak and volatile futures market [4]. 3.3 Trading Strategies - Short - term strategy: The short - term futures market may mainly rebound. Short positions have been recommended to be closed. Risk - takers have been recommended to lightly test long positions below 1300 on the 2510 contract, with stop - loss and take - profit levels set [5]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to stay on the sidelines for now [5]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [5]. 3.4 Contract - related Adjustments - The daily limit for contracts from 2506 to 2604 has been adjusted to 16% [5]. - The company's margin for contracts from 2506 to 2604 has been adjusted to 26% [5]. - The daily opening limit for all contracts from 2506 to 2604 is 100 lots [5].

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Group 1: Report Overview - Date of the report: July 7, 2025 [1] - Report type: Container Shipping Daily Report - Research group: Shipping Research Group Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Views - Amid geopolitical conflicts, the market has high complexity and uncertainty, with multiple long - and short - term factors intertwined, making it difficult to predict. It is recommended to participate with a light position or stay on the sidelines [2][4] - The short - term market may rebound, and it is advised to stop losses on short positions. Risk - takers can try to go long on the 2510 contract below 1300 with stop - loss and take - profit set [5] - In the context of international turmoil, it is recommended to wait and see for arbitrage strategies [5] - For long - term strategies, it is advised to take profits when the contracts rise and wait for a pullback to stabilize before determining the subsequent direction [5] Group 4: Market Information Freight Index - On July 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2123.24 points, up 9.6% from the previous period; the SCFIS for the US West route was 1619.19 points, down 22.3% from the previous period [3] - The Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.9% from the previous period; the NCFI for the European route was 1442.5 points, unchanged from the previous period; the NCFI for the US West route was 1176.6 points, down 24.3% from the previous period [3] - The Shanghai Export Container Freight Index (SCFI) was 1763.49 points, down 98.02 points from the previous period; the SCFI for the European route was 2101 USD/TEU, up 3.50% from the previous period; the SCFI for the US West route was 2089 USD/FEU, down 18.97% from the previous period [3] - The China Export Container Freight Index (CCFI) composite index was 1342.99 points, down 1.9% from the previous period; the CCFI for the European route was 1694.30 points, up 3.3% from the previous period; the CCFI for the US West route was 1084.28 points, down 10.5% from the previous period [3] Economic Data - Eurozone's June manufacturing PMI flash was 49.4 (expected 49.8, previous 49.4); services PMI flash was 50 (2 - month high, expected 50, previous 49.7); composite PMI flash was 50.2 (expected 50.5, previous 50.2); Sentix investor confidence index was 0.2 (expected - 6, previous - 8.1) [3] - China's Caixin Manufacturing PMI in June was 50.4, 2.1 percentage points higher than May and the same as April, back above the critical point [3] - US June Markit manufacturing PMI flash was 52 (same as May, higher than expected 51, 2 - month high); services PMI flash was 53.1 (lower than previous 53.7, higher than expected 52.9, 2 - month low); composite PMI flash was 52.8 (lower than previous 53, higher than expected 52.1, 2 - month low) [3] Market News - The US claims that new tariffs will be imposed starting in August, and the Houthi rebels attacked merchant ships again [2] - Hamas is consulting on a cease - fire proposal for the Gaza Strip, and the US and Israel had a long - term discussion on the Gaza situation, with Israel agreeing to the necessary conditions for a 60 - day cease - fire agreement [6] - US trade data in May showed that imports and exports both shrank, and the trade deficit widened further. The import of consumer goods decreased by $4 billion, and the export of industrial supplies and raw materials declined significantly, with overall exports down 4% [6] Group 5: Contract Information - On July 4, the closing price of the 2508 main contract was 1849.9, down 1.71%, with a trading volume of 47,800 lots and an open interest of 36,400 lots, an increase of 431 lots from the previous day [4] - The daily trading limit for contracts from 2506 to 2604 has been adjusted to 16% [5] - The company's margin for contracts from 2506 to 2604 has been adjusted to 26% [5] - The daily opening limit for all contracts from 2506 to 2604 is 100 lots [5]