Report Summary 1. Market Data - **Interest Rates**: DR001 closed at 1.31 with a 0.20 bp increase, DR007 at 1.44 with a 0.78 bp decrease, GC001 at 1.00 with a 2.50 bp decrease, and GC007 at 1.46 with a 2.00 bp increase. SHBOR 3M remained unchanged at 1.55, and LPR 5 - year stayed at 3.50 [3]. - **Bond Yields**: 1 - year, 5 - year, and 10 - year Chinese treasury bonds closed at 1.34, 1.58, and 1.77 respectively, with the 1 - year and 5 - year bonds down 0.50 bp and the 10 - year up 0.05 bp. The 10 - year US treasury bond yield was 4.23, up 1.00 bp [3]. - **Stock Indexes**: The CSI 300 closed at 4490, down 0.74%; the SSE 50 at 2993, up 0.39%; the CSI 500 at 6962, down 2.09%; and the CSI 1000 at 7314, down 2.50%. The trading volume of the two A - share markets reached 28750 billion, 1250 billion more than the previous day [4]. 2. Central Bank Operations - The central bank conducted 2557 billion yuan of 7 - day reverse repurchase operations yesterday, with 4058 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 1501 billion yuan. This week, 22731 billion yuan of reverse repurchases will mature, and 1 trillion yuan of 91 - day outright reverse repurchases will mature on Friday [3]. 3. Market Analysis - **Market Sentiment**: Yesterday, the macro news was calm, but small - and medium - cap stocks fell significantly due to profit - taking and increased risk - aversion. Large - cap stocks were relatively stable. The market liquidity is abundant, with A - share daily trading volume above 2.5 trillion [4]. - **Economic Indicators**: China's manufacturing PMI in August rose slightly to 49.4%, indicating economic resilience. Overseas, the expectation of a Fed rate cut in September has increased [4]. 4. Investment Strategy - Short - term long positions can be shifted towards IF or IH to reduce portfolio volatility and risk [4].

1. Report Industry Investment Ratings Macro Finance - **Index Futures**: Bullish in the short - term, suggest tilting towards IF or IH to reduce risk [1] - **Treasury Bonds**: Limited upside due to short - term central bank interest rate risk warning, but asset shortage and weak economy are favorable [1] - **Gold**: Bullish due to safe - haven demand and interest rate cut expectations [1] - **Silver**: Bullish, following gold with stronger elasticity [1] Non - ferrous Metals - **Copper**: Expected to be strong due to Fed interest rate cut expectations and potential supply tightness [1] - **Aluminum**: Trading in a range, affected by domestic consumption off - season and Fed interest rate cut expectations [1] - **Alumina**: Weak fundamentals, but look for long - position opportunities in far - month contracts [1] - **Zinc**: Limited downside, be cautious about short - selling [1] - **Nickel**: Short - term rebound with macro factors, long - term surplus pressure exists [1] - **Stainless Steel**: Short - term trading in a range, look for selling - hedging opportunities [1] - **Tin**: Stronger in the short - term with improved macro sentiment [1] - **Silicon for Mining**: Bearish due to supply resumption and hedging pressure [1] - **Polysilicon**: Bearish with capacity reduction expectations and low terminal installation willingness [1] Black Metals - **Rebar**: Trading in a range, neutral valuation, unclear industrial drivers, positive macro drivers [1] - **Hot - Rolled Coil**: Trading in a range, neutral valuation, unclear industrial drivers, positive macro drivers [1] - **Iron Ore**: Near - month contracts restricted by production cuts, far - month contracts have upward potential [1] - **Coking Coal**: Bearish, long - term anti - involution, weak short - term fundamentals [1] - **Coke**: Bearish, long - term anti - involution, weak short - term fundamentals [1] - **Glass**: Bearish, supply surplus pressure persists [1] - **Soda Ash**: Bearish, supply surplus pressure is large, price under pressure [1] Agricultural Products - **Palm Oil**: Hold off on new positions, expect short - term consolidation [1] - **Soybean Oil**: Hold off on new positions, similar logic to palm oil [1] - **Rapeseed Oil**: Hold off on new positions, affected by ICE rapeseed price and trade policies [1] - **Cotton**: Bullish in the short - term, pay attention to time window and quota release [1] - **Sugar**: Bullish but with limited upside, pay attention to the 5600 - 6000 range [1] - **Corn**: Expected to trade at a low level in the short - term, pay attention to new grain listing [1] - **Soybean Meal**: Limited downside, expected to trade in a range [1] - **Pulp**: Consider 11 - 1 calendar spread [1] - **Logs**: Expected to trade in the 820 - 840 yuan/m³ range [1] - **Hogs**: Bearish due to increasing supply and decreasing cost [1] Energy and Chemicals - **Crude Oil**: Trading in a range, affected by Indian procurement, OPEC+ production, and tariff issues [1] - **Fuel Oil**: Trading in a range, similar factors as crude oil [1] - **Asphalt**: Short - term following crude oil, long - term demand may be overestimated [1] - **Shanghai Rubber**: Affected by rainfall, inventory, and market sentiment [1] - **BR Rubber**: Pay attention to inventory and autumn maintenance [1] - **PTA**: Bearish due to production recovery and downstream maintenance expectations [1] - **Short - fiber**: Affected by industry reform rumors, supply and demand changes [1] - **Styrene**: Affected by industry reform rumors and market trading volume [1] - **PE**: Price oscillating weakly, affected by export, domestic demand, and cost [2] - **PVC**: Trading in a range, affected by maintenance, orders, and inventory [2] - **Olefins**: Driven by market rumors and supply - demand changes [2] - **FEI**: Rebound due to multiple factors, pay attention to warehouse receipt cancellation [2] - **US Freight**: Supply exceeds demand, freight rate declining [2] 2. Core Viewpoints The report provides a comprehensive analysis of various industries and commodities. In general, the macro - financial environment has a significant impact on the market. The Fed's interest rate cut expectations, asset shortage, and weak economic conditions are important factors affecting the prices of financial and commodity assets. For different industries, factors such as supply and demand, production capacity, inventory, and market sentiment all play crucial roles in determining price trends. Some commodities are expected to be strong due to positive factors like supply tightness or increased demand, while others face downward pressure because of oversupply, weak demand, or policy - related risks [1][2]. 3. Summary by Industry Macro - financial Industry The overall macro - financial environment is complex. The stock index is supported by sufficient market liquidity, while treasury bonds are affected by both favorable long - term factors and short - term interest rate risk warnings. Precious metals are driven by safe - haven demand and interest rate cut expectations [1] Non - ferrous Metals Industry Supply and demand dynamics, along with macro - economic factors and geopolitical events (such as labor unrest in Indonesia), are the main drivers of non - ferrous metal prices. Some metals are expected to be strong due to supply concerns or positive macro sentiment, while others face challenges from oversupply or weak domestic demand [1] Black Metals Industry The black metals industry is facing supply - demand imbalances, with high inventory levels and weak demand in some segments. Anti - involution is a long - term issue, and the market is trying to balance supply and demand by adjusting prices [1] Agricultural Products Industry Prices of agricultural products are affected by factors such as seasonality, international trade policies, and supply - demand relationships. Some products are expected to be strong in the long - term but may experience short - term corrections, while others are trading in a range or facing downward pressure [1] Energy and Chemicals Industry The energy and chemicals industry is influenced by global supply - demand dynamics, production capacity changes, and market rumors. Crude oil prices are affected by OPEC+ production decisions and international trade issues, while chemical products are affected by factors such as production recovery, inventory changes, and industry reform rumors [1][2]

流动性日报 | 2025-09-02 能源化工板块成交4640.85亿元，较上一交易日变动+10.02%；持仓金额4251.59亿元，较上一交易日变动+1.66%； 成交持仓比为84.94%。 市场流动性概况 农产品板块成交3197.43亿元，较上一交易日变动-4.59%；持仓金额5504.41亿元，较上一交易日变动-0.86%；成交 持仓比为50.93%。 黑色建材板块成交3190.71亿元，较上一交易日变动+4.77%；持仓金额3637.02亿元，较上一交易日变动-1.91%；成 交持仓比为83.97%。 2025-09-01，股指板块成交7874.19亿元，较上一交易日变动-25.20%；持仓金额13319.86亿元，较上一交易日变动 -4.56%；成交持仓比为58.63%。 国债板块成交3793.66亿元，较上一交易日变动-6.24%；持仓金额6937.38亿元，较上一交易日变动+2.02%；成交持 仓比为56.31%。 基本金属板块成交4206.29亿元，较上一交易日变动+18.18%；持仓金额5020.76亿元，较上一交易日变动+0.34%； 成交持仓比为95.72%。 贵金属板块成交6135.8 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Last week, the stock index rose further, with CSI 300 and CSI 500 making up for lost ground. Market liquidity remained abundant, and the daily trading volume of A-shares increased to over 2.5 trillion. The macro news was generally positive, with the manufacturing PMI in August slightly rebounding to 49.4%, indicating economic resilience, Shanghai's real estate policy being loosened again, and the Fed's rate - cut expectation in September rising. The current market liquidity is sufficient, strongly supporting the stock index. Strategically, short - term long positions can be tilted towards IF or IH to reduce position fluctuations and risks [6][7] 3. Summary by Relevant Catalogs Currency Market - In the currency market, DROO1 closed at 1.33 with a 1.61bp increase, DR007 at 1.52 with a 2.37bp decrease, GC001 at 1.04 with a 7.00bp increase, GC007 at 1.46 with a 4.00bp decrease, SHBOR 3M at 1.55 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.37 with a 0.20bp decrease, 5 - year treasury at 1.64 with a 0.46bp decrease, 10 - year treasury at 1.84 with a 0.44bp decrease, and 10 - year US treasury at 4.23 with a 1.00bp increase [4] - Last week, the central bank conducted 2273.1 billion yuan in reverse repurchase operations and 600 billion yuan in 1 - year medium - term lending facility (MLF) operations. Due to the maturity of 2077 billion yuan in reverse repurchases, 300 billion yuan in 1 - year MLF, 400 billion yuan in 91 - day outright reverse repurchases, and 500 billion yuan in 182 - day outright reverse repurchases, the full - caliber net withdrawal was 403.9 billion yuan. This week, 2273.1 billion yuan in reverse repurchases will mature in the central bank's open market, with 288.4 billion, 405.8 billion, 379.9 billion, 416.1 billion, and 782.9 billion yuan maturing from Monday to Friday respectively. Additionally, 1 trillion yuan in 91 - day outright reverse repurchases will mature on Friday [4][5] Stock Index Market - In the stock index market, CSI 300 closed at 4497 with a 0.74% increase, IF current month at 4506 with a 1.0% increase, SSE 50 at 2976 with a 0.53% increase, IH current month at 2980 with a 0.7% increase, CSI 500 at 7044 with a 0.47% increase, IC current month at 6997 with a 0.4% increase, CSI 1000 at 7439 with a 0.11% decrease, and IM current month at 7367 with no change. IF trading volume was 199,696 with a 1.1% increase, IF open interest was 293,331 with a 1.0% increase, IH trading volume was 81,479 with a 0.3% increase, IH open interest was 108,028 with a 0.4% decrease, IC trading volume was 166,467 with a 13.0% decrease, IC open interest was 248,432 with a 0.2% decrease, IM trading volume was 331,183 with a 14.1% decrease, and IM open interest was 388,014 with a 5.1% decrease [6] - Last week, CSI 300 rose 2.71% to 4496.8, SSE 50 rose 1.63% to 2976.5, CSI 500 rose 3.24% to 7043.9, and CSI 1000 rose 1.03% to 7438.7. Among the Shenwan primary industry indices, communication (12.4%), non - ferrous metals (7.2%), electronics (6.3%), comprehensive (5.9%), and power equipment (4%) led the gains last week, while textile and apparel (- 2.9%), banking (- 2.1%), transportation (- 1.5%), light industry manufacturing (- 1.3%), and building decoration (- 0.9%) led the losses [6] Stock Index Futures Premium and Discount - The premium and discount rates of stock index futures are as follows: IF premium/discount rates for current month, next month, current quarter, and next quarter contracts are - 4.03%, - 0.70%, 0.60%, and 1.29% respectively; IH premium/discount rates are - 2.28%, - 0.09%, - 0.42%, and - 0.35% respectively; IC premium/discount rates are 12.86%, 10.56%, 9.52%, and 8.88% respectively; IM premium/discount rates are 18.61%, 13.96%, 11.67%, and 10.69% respectively [8]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The A-share market has ample liquidity, and stock index is expected to rise further. The economic situation shows certain resilience, with both supply and demand indicators in the manufacturing sector improving, but the supply-demand gap is widening. Macro policies are generally favorable, including real estate policy relaxation and potential monetary policy adjustments. Overseas factors, such as Trump's actions regarding the Fed, also have a certain impact on the market [3]. - Investment strategy suggests taking a long position during market adjustments, with a preference for IF or IH contracts to reduce position volatility and risk [3]. 3. Summary by Relevant Sections 3.1 Main Viewpoints and Strategy Overview - **Economic and Corporate Earnings**: The August 2025 manufacturing PMI slightly increased to 49.4%, with both supply and demand indicators rising, indicating economic resilience. However, the supply-demand gap widened to 1.3 percentage points, and price indices have been rising for three consecutive months [3]. - **Macro Policy**: Shanghai relaxed real estate policies, adjusting housing purchase restrictions,公积金, and credit policies, which is expected to boost the real estate market [3]. - **Overseas Factors**: Trump removed Fed Governor Cook from office, and Cook sued Trump, which may affect the Fed's policy direction [3]. - **Liquidity**: As of August 28, the A-share margin trading balance increased, and the financing purchase amount accounted for 12.7% of the total market turnover, at the 99.5% percentile in the past decade. The average daily trading volume last week increased by 3202.4 billion yuan compared to the previous week [3]. - **Investment Viewpoint**: The market has ample liquidity, and the macro news is generally positive. The strategy is to go long during market adjustments, with a preference for IF or IH contracts [3]. 3.2 Stock Index Market Review - **Broad - based Index Performance**: Last week, the CSI 300 rose 2.71% to 4496.8, the SSE 50 rose 1.63% to 2976.5, the CSI 500 rose 3.24% to 7043.9, and the CSI 1000 rose 1.03% to 7438.7 [5]. - **Industry Index Performance**: Among the Shenwan primary industry indices, communication (12.4%), non - ferrous metals (7.2%), electronics (6.3%), comprehensive (5.9%), and power equipment (4%) led the gains, while textile and apparel (-2.9%), banking (-2.1%), transportation (-1.5%), light manufacturing (-1.3%), and building decoration (-0.9%) led the losses [7]. - **Futures Volume and Open Interest**: The trading volume of CSI 300 futures increased by 36.32%, and the open interest increased by 5.85%. The trading volume of SSE 50 futures increased by 17.14%, and the open interest decreased by 4.83%. The trading volume of CSI 500 futures increased by 32.89%, and the open interest increased by 6.35%. The trading volume of CSI 1000 futures increased by 14.61%, and the open interest decreased by 0.77% [11]. - **Contract Premium and Discount**: As of August 29, the annualized premium of the current - month contract IF2509 was 3.65%, and the annualized discount of IC2509 was 11.63% [15]. - **Cross - variety Spread**: The CSI 300 - SSE 50 spread was at the 94% historical percentile, and the CSI 1000 - CSI 500 spread was at the 59.9% historical percentile [19]. 3.3 Stock Index Influencing Factors - Liquidity - **Funding and Macro Liquidity**: The central bank conducted 2273.1 billion yuan in reverse repurchase operations and 600 billion yuan in 1 - year MLF operations this week, resulting in a net withdrawal of 403.9 billion yuan. Next week, 2273.1 billion yuan in reverse repurchases will mature [27]. - **Market Trading Volume and Margin Trading**: As of August 28, the A - share margin trading balance was 2236.54 billion yuan, an increase of 88.81 billion yuan from the previous week. The financing purchase amount accounted for 12.7% of the total market turnover, at the 99.5% percentile in the past decade. The average daily trading volume last week increased by 3202.4 billion yuan compared to the previous week [34]. 3.4 Stock Index Influencing Factors - Economic Fundamentals and Corporate Earnings - **Macro Indicators**: In August 2025, the manufacturing PMI was 49.4%, and the non - manufacturing PMI was 50.3%. Supply and demand indicators in the manufacturing sector improved, but the supply - demand gap widened [38][52]. - **Real Estate**: Shanghai relaxed real estate policies, which may stimulate the real estate market [3]. - **Consumption**: The growth rate of consumer goods retail sales in July 2025 was 3.7%, and different consumer sectors showed varying degrees of growth [48]. - **Manufacturing**: The growth rate of manufacturing investment in July 2025 was 6.2%, and different manufacturing sub - sectors had different performance [49]. - **Infrastructure Investment**: The growth rate of infrastructure investment in July 2025 was 7.3%, and different infrastructure sub - sectors had different growth rates [50]. - **Corporate Earnings**: The performance of different broad - based indices and Shenwan primary industry indices in terms of net profit growth and ROE varied [57][58]. 3.5 Stock Index Influencing Factors - Policy Drivers - **Macro Policy Trends**: Many important meetings and policies have been introduced, including the Central Urban Work Conference, the Politburo Meeting, and the Central Economic Work Conference, which have deployed economic work for the second half of the year and introduced policies to support consumption, investment, and the real economy [62][64]. - **Policy Expectations**: The government will continue to implement proactive fiscal policies and moderately loose monetary policies, and may introduce more policies to support the economy and the capital market [65]. 3.6 Stock Index Influencing Factors - Overseas Factors - **US Economic Data**: In July 2025, the US manufacturing PMI was 48%, the non - manufacturing PMI was 50.1%, the unemployment rate was 4.2%, and the number of new non - farm jobs was 73,000. The PCE and CPI showed a slight increase [70][72][77]. - **Trump's Actions**: Trump has implemented a series of tariff policies, which have led to trade frictions between the US and other countries, especially China [79][81].

Group 1: Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. Group 2: Core Viewpoints of the Report - The short - term and medium - term views of TL2509 are "oscillation", the intraday view is "oscillation on the weak side", and the overall view is "oscillation" due to the decreased possibility of comprehensive interest rate cuts and the rising risk appetite in the stock market [1]. - For the main bond futures varieties (TL, T, TF, TS), the intraday view is "oscillation on the weak side", the medium - term view is "oscillation", and the reference view is "oscillation". Although the bond futures rebounded after hitting the bottom due to the overall loose market liquidity and the limited upside space of market interest rates, the short - term rebound space is also limited. This is because the monetary policy in the second half of this year emphasizes implementation and is mainly structurally loose, and the possibility of comprehensive interest rate cuts has decreased. Additionally, the rising risk appetite in the stock market has attracted funds away from bonds [5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - TL2509 has a short - term and medium - term view of "oscillation", an intraday view of "oscillation on the weak side", and an overall view of "oscillation". The core logic is the decreased possibility of comprehensive interest rate cuts and the rising risk appetite in the stock market [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties TL, T, TF, TS, the intraday view is "oscillation on the weak side", the medium - term view is "oscillation", and the reference view is "oscillation". The previous day, each bond futures oscillated and rose slightly. The central bank's open - market operations have turned to net liquidity withdrawal, indicating that the overall market liquidity is still relatively loose. Considering the anchor effect of policy interest rates, the upside space of market interest rates is limited, leading to the bond futures rebounding after hitting the bottom. However, the short - term rebound space is limited because the monetary policy in the second half of this year emphasizes implementation and is mainly structurally loose, and the rising risk appetite in the stock market attracts funds, suppressing the demand for bond purchases [5].

Group 1 - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 405.8 billion yuan at a fixed rate of 1.40%, maintaining the previous rate, resulting in a net liquidity withdrawal of 174.5 billion yuan due to 580.3 billion yuan of reverse repos maturing on the same day [1] - The MLF (Medium-term Lending Facility) saw a net injection of 300 billion yuan this month, marking the sixth consecutive month of increased MLF operations, with a total of 600 billion yuan injected in August [1] - The net liquidity injection of 600 billion yuan in mid-August is the largest since February, indicating a continued moderately loose monetary policy stance [1] Group 2 - The focus of current monetary policy is shifting towards effective implementation and flexibility, with a low probability of a reserve requirement ratio (RRR) cut in the short term [2] - The PBOC is likely to maintain market liquidity through reverse repos and MLF, with expectations for further increases in MLF operations [2] - The Shanghai Interbank Offered Rate (Shibor) showed a slight decline across short-term maturities, with overnight Shibor down by 3.9 basis points to 1.3170% [2]

Core Viewpoint - The People's Bank of China (PBOC) has implemented significant liquidity measures in August, including a net injection of 600 billion yuan through Medium-term Lending Facility (MLF) and various reverse repos, indicating a proactive monetary policy stance aimed at supporting economic stability and growth [1][2]. Group 1: Monetary Policy Actions - In August, the PBOC conducted a reverse repo operation of 288.4 billion yuan, resulting in a net injection of 21.9 billion yuan after offsetting 266.5 billion yuan of maturing reverse repos [1]. - The PBOC also executed a 600 billion yuan MLF operation with a one-year term, leading to a total net injection of 300 billion yuan for the month, marking the sixth consecutive month of increased MLF operations [1]. - Cumulatively, the PBOC's actions in August included 12 trillion yuan in reverse repos, with a net injection of 300 billion yuan after accounting for 9 trillion yuan of maturing repos [1]. Group 2: Economic Context and Analysis - The net liquidity injection in August reached 600 billion yuan, double that of July, reflecting a moderately accommodative monetary policy [2]. - Factors contributing to the increased liquidity include a peak in government bond issuance, with net financing potentially reaching 1.8 trillion yuan, and regulatory efforts to stabilize credit support from financial institutions [2]. - The tightening of liquidity in mid-August due to maturing reverse repos, tax payments, and stock market demands prompted the PBOC to enhance liquidity through MLF and other tools to maintain market stability [2][3]. Group 3: Future Outlook - The liquidity environment is expected to remain stable as the PBOC adopts a supportive stance, with no significant fluctuations anticipated beyond seasonal patterns [2]. - The ongoing government bond issuance and the need for a conducive financial environment suggest that the PBOC will continue to manage liquidity proactively [3].

Group 1 - The People's Bank of China (PBOC) conducted a total net injection of 621.9 billion yuan through reverse repos and MLF operations on August 25, 2023, with a total of 28.84 billion yuan in 7-day reverse repos and 600 billion yuan in 1-year MLF [1] - The net injection in the open market for the week of August 18-22 reached 1.3652 trillion yuan, indicating a trend of increasing liquidity despite some tightening due to tax payments [1][2] - The average rate for DR001 in August remains lower than in June and July, suggesting a potential stabilization around 1.4% if the PBOC maintains its current stance [2][3] Group 2 - The PBOC's operations are aimed at maintaining market liquidity and stabilizing expectations, with a focus on the execution of monetary policy rather than immediate rate cuts [3] - The central bank is expected to continue increasing MLF operations, with a net injection of 300 billion yuan in August, marking the sixth consecutive month of increased liquidity support [2][3] - Analysts suggest that the market's attention will shift towards cross-month liquidity as significant reverse repos are set to mature, but substantial volatility is not anticipated [2][3]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents the market liquidity situation on August 22, 2025, including the trading volume, holding amount, trading - holding ratio, and their changes compared with the previous trading day for different sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials [1][2]. Summary by Relevant Catalogs 1. Plate Liquidity - The report shows the trading - holding ratio, trading volume change rate, holding amount, and trading volume of each plate through multiple figures, including Figures 1 - 6 [4][5]. 2. Stock Index Plate - On August 22, 2025, the trading volume of the stock index plate was 818.521 billion yuan, a +4.39% change from the previous trading day; the holding amount was 1341.497 billion yuan, a +5.26% change; the trading - holding ratio was 61.06% [1]. - Multiple figures (Figures 7 - 12) show the price change, trading - holding ratio, precipitation fund change, and other information of each variety in the stock index plate [5]. 3. Treasury Bond Plate - The trading volume of the treasury bond plate was 617.178 billion yuan, a - 9.94% change from the previous trading day; the holding amount was 785.856 billion yuan, a - 0.51% change; the trading - holding ratio was 78.89% [1]. - Figures 13 - 18 show the price change, trading - holding ratio, precipitation fund change, etc. of each variety in the treasury bond plate [5]. 4. Basic Metal and Precious Metal (Metal Plate) - The trading volume of the basic metal plate was 358.456 billion yuan, a +2.07% change from the previous trading day; the holding amount was 490.725 billion yuan, a - 0.76% change; the trading - holding ratio was 95.63%. The trading volume of the precious metal plate was 212.909 billion yuan, a +8.38% change; the holding amount was 419.123 billion yuan, a +0.87% change; the trading - holding ratio was 60.36% [1]. - Figures 19 - 24 show the price change, trading - holding ratio, precipitation fund change, etc. of each variety in the metal plate [5]. 5. Energy Chemical Plate - The trading volume of the energy chemical plate was 467.539 billion yuan, a - 6.83% change from the previous trading day; the holding amount was 427.347 billion yuan, a +0.92% change; the trading - holding ratio was 91.10% [1]. - Figures 25 - 30 show the price change, trading - holding ratio, precipitation fund change, etc. of the main varieties in the energy chemical plate [5]. 6. Agricultural Product Plate - The trading volume of the agricultural product plate was 346.134 billion yuan, a +3.74% change from the previous trading day; the holding amount was 576.324 billion yuan, a - 0.94% change; the trading - holding ratio was 57.37% [1]. - Figures 31 - 36 show the price change, trading - holding ratio, precipitation fund change, etc. of the main varieties in the agricultural product plate [5][6]. 7. Black Building Materials Plate - The trading volume of the black building materials plate was 259.817 billion yuan, a - 13.28% change from the previous trading day; the holding amount was 369.502 billion yuan, a - 2.00% change; the trading - holding ratio was 63.69% [2]. - Figures 37 - 42 show the price change, trading - holding ratio, precipitation fund change, etc. of each variety in the black building materials plate [6].