1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The US Q2 real GDP annualized quarterly-on-quarter was revised up to 3.3%, with business investment as the main driving force, and the PCE price index remained flat [7]. - The container shipping index (European line) is expected to be under pressure in the short - term, with potential for limited downward movement in freight rates in the medium - term [8][9]. - Cotton futures are expected to be oscillating strongly in the short - term, but attention should be paid to the downward pressure after the new cotton is launched [10]. 3. Summary by Relevant Catalogs 3.1 US Economic Data - The US Q2 real GDP annualized quarterly - on - quarter was revised up to 3.3%, with business investment growing by 5.7%, and net exports contributing nearly 5 percentage points to GDP growth. Consumer spending growth was revised up to 1.6%. The core PCE price index rose 2.5%, unchanged from the initial value [7]. - The number of initial jobless claims in the US last week decreased slightly to 229,000, and the number of continued claims decreased to 1.954 million, both lower than expected [17]. 3.2 Commodity Market Analysis 3.2.1 Precious Metals - Gold: After the JH meeting, Powell's dovish remarks influenced the market. The trend strength is 1. The prices of Shanghai gold and Comex gold showed certain increases [12][16][17]. - Silver: It is approaching the previous high. The trend strength is 1. The prices of Shanghai silver and Comex silver also increased [12][16][17]. 3.2.2 Base Metals - Copper: With the decline of the US dollar, the price rose. Codelco lowered its copper output target for this year. The trend strength is 1 [12][23]. - Zinc: It is oscillating weakly. The trend strength is 0 [12][26]. - Lead: The decrease in inventory supports the price. The trend strength is 0 [12][29]. - Tin: It is oscillating within a range. The trend strength is 1 [12][32]. - Aluminum: It is oscillating within a range. Alumina has an obvious supply surplus. Cast aluminum alloy is oscillating within a range. The trend strengths are 0, - 1, and 0 respectively [12][36]. - Nickel: It is operating in a narrow - range oscillation. Stainless steel is oscillating at a low level in the short - term. The trend strengths are both 0 [12][39]. 3.2.3 Energy and Chemicals - Carbonate Lithium: Inventory reduction is limited, and it is oscillating within a range. The trend strength is - 1 [12][45]. - Industrial Silicon: Attention should be paid to the upward space. The trend strength is - 1 [12][48]. - Polysilicon: The upstream inventory is being reduced, and market information should be monitored. The trend strength is - 1 [12][49]. 3.2.4 Building Materials and Metals - Iron Ore: Due to the repeated macro - expectations, it is oscillating widely. The trend strength is 0 [12][52]. - Rebar: It is oscillating widely. The trend strength is 0 [12][54]. - Hot - Rolled Coil: It is oscillating widely. The trend strength is 0 [12][55]. - Ferrosilicon: Disturbed by market information, it is oscillating widely within a day. The trend strength is 0 [12][58]. - Silicomanganese: Disturbed by market information, it is oscillating widely within a day. The trend strength is 0 [12][58]. - Coke: It is oscillating widely. The trend strength is 0 [12][61]. - Coking Coal: It is oscillating widely. The trend strength is 0 [12][61]. 3.2.5 Others - Container Shipping Index (European Line): It is under pressure in the short - term, and the freight rate may have limited downward movement in the medium - term. The 2510 short position should take profit on dips, and attention should be paid to the 12 - 04 positive spread entry opportunity in the next 1 - 2 weeks [8][9]. - Cotton: Concerns about short - term supply shortages and high basis support the price. It is expected to be oscillating strongly in the short - term, but attention should be paid to the downward pressure after the new cotton is launched [10][71].

Group 1 - The core viewpoint of the article highlights the upward revision of the U.S. second-quarter GDP growth, primarily driven by improved business investment and significant trade contributions [1][4] - Business investment growth was revised from an initial 1.9% to 5.7%, reflecting enhanced investments in software and transportation equipment [4] - Net exports contributed nearly 5 percentage points to GDP growth, marking the highest level on record, contrasting with the previous quarter where net exports had a negative impact [4][9] Group 2 - Consumer spending showed resilience with a second-quarter annualized growth rate of 1.6%, up from the initial estimate of 1.4%, contributing 1.07 percentage points to GDP growth [5][6] - The real final sales to private domestic purchasers, a key indicator of consumer demand, grew at a steady rate of 1.9% for two consecutive quarters, indicating stable underlying demand [5][6] - Retailers, including Walmart and Home Depot, expressed optimism about consumer resilience despite rising prices due to tariffs [5] Group 3 - The revised second-quarter actual GDP annualized quarter-on-quarter growth rate was 3.3%, exceeding expectations of 3.1% and the previous value of 3% [7] - The core Personal Consumption Expenditures (PCE) price index for the second quarter remained steady at 2.5%, aligning with initial estimates [7][12] Group 4 - Domestic Gross Income (GDI) surged by 4.8% in the second quarter, contrasting sharply with a mere 0.2% increase in the first quarter, indicating a rebound in economic activity [11] - Corporate profits increased by 1.7% in the second quarter, reversing the largest decline since 2020 recorded in the first quarter [11] - The share of after-tax profits of non-financial corporations remained stable at 15.7%, significantly higher than pre-pandemic levels, suggesting robust profitability [11]

Group 1 - The core viewpoint of the articles indicates that the US dollar is under pressure due to dovish signals from Federal Reserve Chairman Jerome Powell, which has led to expectations of interest rate cuts in September [1] - Market consensus anticipates a 25 basis point rate cut in September, with a total of nearly 50 basis points by the end of the year, reflecting a shift in monetary policy [1] - Political uncertainty, particularly President Trump's criticism of the Federal Reserve's policies, is contributing to the downward pressure on the dollar, raising concerns about the independence of the central bank [1] Group 2 - The dollar index is currently consolidating below the resistance level of 98.65, facing pressure from a descending trend line established from the late July high [2] - The index has found support around 97.90 and remains above the 50-period and 100-period exponential moving averages (EMA), indicating a short-term bullish momentum in the market [2]

Group 1 - The core viewpoint of the articles indicates that the US dollar is attempting to rebound against major currencies, but remains under pressure due to dovish signals from Federal Reserve Chairman Jerome Powell regarding potential interest rate cuts [1] - Market expectations suggest a high probability of a 25 basis point rate cut in September, with an overall anticipated reduction of approximately 48 basis points by the end of the year [1][2] - Political uncertainties, particularly President Trump's criticisms of the Federal Reserve's policies, are contributing to downward pressure on the dollar, raising concerns about the Fed's independence [1] Group 2 - Investors are closely monitoring the upcoming US PCE price index report, which is expected to show a year-on-year increase of 2.9%, as this data could further influence the Federal Reserve's policy direction and market sentiment [2] - In terms of technical analysis, the momentum indicators are neutral, and the dollar index needs to close below 97.55 to confirm a bearish signal [2] - Initial support for the dollar index is at 97.55, with further support at 97.20, while initial resistance is at 98.83 and then at 99.08 [2]

Group 1 - The complexity of reaching an agreement with Mexico differs from other countries, with a 90-day extension for tariffs on fentanyl, automobiles, steel, aluminum, and copper [1] - Mexico has agreed to eliminate many non-tariff trade barriers immediately, and the U.S. will negotiate a trade agreement within 90 days or longer [1] - Ongoing cooperation between the U.S. and Mexico will focus on border security, including issues related to drugs and illegal immigration [1] Group 2 - The U.S. PCE price index for June increased by 2.6% year-on-year, surpassing the expected 2.5%, with a prior value revised up to 2.3% [2] - The core PCE price index rose by 2.8% year-on-year in June, exceeding the expected 2.7%, marking the highest level since February [2] - Month-on-month, the PCE price index remained flat at 0.3%, consistent with expectations, while the previous value was revised from 0.1% to 0.2% [2]

Core Insights - The U.S. Bureau of Economic Analysis reported that the June PCE price index year-on-year increased to 2.6%, surpassing the expected 2.5%, marking the highest level since December 2024 [1] - The previous value was revised up by 0.1 percentage points to 2.3% [1] - Month-on-month, the PCE price index remained flat at 0.3%, aligning with expectations, while the previous value was revised from 0.1% to 0.2% [1] Core PCE Insights - The June core PCE price index year-on-year rose to 2.8%, exceeding the expected 2.7%, returning to the highest level since October 2024 [1] - The previous value was revised up by 0.1 percentage points to 2.8% [1] - Month-on-month, the core PCE price index also held steady at 0.3%, matching expectations, with the previous value at 0.2% [1]

Core Viewpoint - The article discusses the current market trends and potential investment opportunities within the industry, highlighting key financial metrics and performance indicators. Group 1: Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.5 billion in Q3 [1] - Net income rose to $300 million, reflecting a 10% increase compared to the previous year [1] - Earnings per share (EPS) improved to $1.20, up from $1.10 in the same quarter last year [1] Group 2: Market Trends - The industry is experiencing a shift towards digital transformation, with a projected growth rate of 20% over the next five years [1] - Increased consumer demand for sustainable products is driving innovation and investment in green technologies [1] - Competitive landscape is intensifying, with new entrants capturing market share, particularly in the tech sector [1] Group 3: Strategic Initiatives - The company plans to invest $200 million in R&D to enhance product offerings and maintain competitive advantage [1] - Strategic partnerships are being formed to expand market reach and leverage complementary strengths [1] - Focus on improving operational efficiency is expected to reduce costs by 5% over the next fiscal year [1]

Group 1 - The core PCE price index in the US increased by 2.79% year-on-year in June, exceeding the expected 2.7% and matching the previous value of 2.7% [1] - The overall PCE price index rose by 2.6% year-on-year in June, above the expected 2.5% and higher than the previous value of 2.3% [1] - The month-on-month PCE price index grew by 0.3% in June, aligning with expectations and significantly higher than the previous month's increase of 0.1% [1]

Core Viewpoint - The PCE price index for June in the United States showed a month-on-month increase of 0.3%, aligning with expectations of 0.30%, while the previous value was revised from 0.10% to 0.2% [1] Summary by Category - **PCE Price Index**: The month-on-month change in the PCE price index was reported at 0.3% for June, meeting market expectations [1] - **Revisions**: The prior month's value was adjusted from 0.10% to 0.2%, indicating a slight upward revision in inflation data [1]

Core Insights - The year-on-year PCE price index for June in the United States is reported at 2.6%, which is above the expected rate of 2.50% and an increase from the previous value that was revised from 2.30% to 2.4% [1] Summary by Category - **PCE Price Index**: The June PCE price index stands at 2.6%, exceeding market expectations [1] - **Revisions**: The prior value of the PCE price index was adjusted from 2.30% to 2.4% [1]