中证网讯 8月6日，A股主要指数低开高走，沪指延续上行态势，盘中再创近期新高。截至午间收盘，沪 指涨0.27%，报3627.54点。以沪深300和中证A500为代表的宽基指数也保持震荡上行态势，午盘分别涨 0.18%和0.31%，近60日涨幅均超5%。这也带动相关的ETF水涨船高，嘉实基金"超级ETF"货架上的沪深 300ETF（159919）和A500ETF嘉实（159351）午盘分别涨0.21%和0.29%，近60日涨幅分别达7.30%和 7.53%。 截至8月5日，A500ETF嘉实（159351）近1周日均成交额超30亿元，最新规模达123.62亿元。沪深 300ETF（159919）仍位居千亿ETF阵营，规模达1760.38亿元。 对于近期市场走势，招商证券提到，市场可能会在8月中上旬呈现震荡的格局，在 8 月中下旬重新回归 此前的上行趋势，并可能继续创新高。配置方面，兴业证券建议投资者短期沿着阻力最小的方向，布局 低位成长主线，同时择机把握"反内卷"政策导向下的长期机会，并随时做好新一轮向上行情的准备。 从流动性看，A500ETF嘉实（159351）交投持续活跃，半日成交额超23亿元，达23.47 ...

Core Viewpoint - The article discusses the recently released "Guiding Opinions on Financial Support for New-Type Industrialization," which outlines a clear path for financial support to enhance industrialization in China, focusing on optimizing funding structures and improving financial services across various sectors [1][2]. Financial Support for New-Type Industrialization - The guiding opinions emphasize the need for a comprehensive, differentiated, and specialized financial service system to support new-type industrialization, including loans, bonds, and equity financing [1]. - Key areas of focus include enhancing technological financial services, optimizing supply chain finance, promoting green finance, and advancing digital finance to support industrial transformation [1][2]. Overall Goals - By 2027, the financial system supporting the high-end, intelligent, and green development of the manufacturing industry is expected to be fundamentally mature, with a richer product offering and improved service adaptability [2]. Specific Measures - The opinions propose 18 specific measures across five main areas, including enhancing technological innovation capabilities, improving supply chain resilience, and strengthening financial support capabilities [4]. - Notable measures include the implementation of a "Technology-Industry Financial Integration" initiative and the exploration of a "de-nuclear" service model for supply chain finance [4][5]. Enhancing Financial Services - Financial institutions are encouraged to improve their internal mechanisms and develop differentiated credit policies tailored to specific industries and growth stages [8]. - The article highlights the importance of collaboration between financial institutions and industry sectors to enhance service capabilities and talent development [8][10]. Cross-Border Financial Services - The opinions call for improved cross-border financial services, including facilitating cross-border trade settlements and expanding the use of RMB in international transactions [6][10]. Long-Term Mechanisms - The article stresses the need for establishing long-term mechanisms to support new-type industrialization, including enhancing cooperation among various financial entities and improving the overall financial service environment [10].

Group 1 - The People's Bank of China and other departments issued guidelines to support new industrialization through financial means, focusing on key technology breakthroughs and long-term financing [1][12][14] - Financial institutions are encouraged to provide support for core technology breakthroughs, including green channels for financing through stock issuance and bond offerings [1][18] - Emphasis on promoting first sets of equipment and materials with increased financial backing [1] Group 2 - Capital investment in hard technology should be patient, with initiatives like monthly investment roadshows and nurturing of specialized small and medium enterprises for listing [2][20] - High-level talent entrepreneurship will receive comprehensive financial services, including credit and financial advisory [2][20] Group 3 - Traditional industries will see diversified financing channels, with banks increasing credit support for high-end, intelligent, and green transformations [3][25] - Companies can utilize financing leasing to update equipment and can securitize related debts [3][26] Group 4 - Emerging industries such as information technology, new energy, and biomedicine will have access to multi-tiered capital markets for financing [4][32] - Long-term funds from government investment funds and insurance will focus on future manufacturing and energy sectors [4][32] Group 5 - Financing for small and medium enterprises will reduce reliance on guarantees, utilizing data and asset credit for financing services [5][41] - A national credit information platform for small and micro enterprises is being established to facilitate first-time borrowers [5][41] Group 6 - Financial tools will be aligned with green transformation, supporting high-carbon industries in their transition to low-carbon projects [6][35] - Green credit and bonds will be directed towards environmental protection and energy-saving initiatives [6][36] Group 7 - Digital infrastructure projects like 5G and industrial internet will receive long-term loans and financing through leasing and asset securitization [7][39] - Banks are encouraged to build digital platforms for one-stop services in financing and settlement [7][39] Group 8 - Financial institutions must monitor fund usage to prevent misuse and ensure risk management [8][73] - Joint assessment of industrial and financial risks will be implemented to share high-risk information promptly [8][73]

Group 1 - New Tai City is actively promoting the construction of a new industrialization strong city, with the local political consultative conference playing a key role in project planning, attracting investors, and providing support for enterprises [1][2] - The new energy cable digital factory project by Tebian Electric Apparatus Stock Co., Ltd. is set to begin production, featuring an intelligent production line with an annual output of 8,704.6 kilometers of environmentally friendly cables, completed in just over 8 months [1][2] - The city has implemented a policy list to support the construction of a "double hundred billion" industrial park for Tebian Electric, including nine targeted policies for funding, land guarantees, and infrastructure support [2] Group 2 - The New Tai City Political Consultative Conference has established a system to assist member enterprises, addressing over 130 practical difficulties related to land, financing, power supply, and talent over the past four years [3] - The investment of 660 million yuan in the "5G digital factory" by Shandong Runtong Gear Group has resulted in a 35% increase in production efficiency and a market share increase from 36% to over 45% [3] - The city has focused on high-quality development, conducting extensive research and consultations on topics such as digital economy and mechanical manufacturing, leading to significant recommendations for industrial transformation and upgrades [3]

【内容摘要】8月5日，月初资金面均衡偏松；银行间主要利率债表现分化，短端小幅上行，中长端小幅 下行；转债市场主要指数集体跟涨，转债个券多数上涨；各期限美债收益率走势分化，主要欧洲经济体 10年期国债收益率走势分化。 【7月新增专项债发行规模创年内新高】据证券时报，自今年4月以来，新增地方政府专项债发行速度逐 月加快，发行规模在7月创下年内新高。数据显示，7月全国发行新增专项债6169.36亿元，发行规模较 上月增加898.42亿元。今年以来，新增专项债发行使用进度明显加快，上半年全国累计发行规模达2.16 万亿元，同比大幅增长45%，有力支持地方重点领域重大项目建设，并支撑上半年基建投资增速保持韧 性。 （二）国际要闻 【美国7月ISM服务业PMI仅50.1，就业萎缩，价格创2022年10月新高】8月5日，美国供应管理协会 （ISM）公布的数据显示，由于面临需求疲软和成本上升，美国服务业PMI在7月几乎陷入停滞，企业 开始减少员工人数。美国7月ISM非制造业指数50.1，不及预期值51.5，低于前值50.8。重要分项指数方 面，新订单指数降至50.3，几乎接近停滞状态；商业活动指数虽继续扩张，但增速低于6月， ...

Core Viewpoint - The recent joint issuance of the "Guiding Opinions on Financial Support for New-Type Industrialization" by seven Chinese government departments aims to enhance financial support for key industries, promote technological innovation, and facilitate the transformation and upgrading of traditional industries. Group 1: Key Technology Breakthroughs - Financial institutions are encouraged to provide medium- and long-term financing for key industries such as integrated circuits, industrial mother machines, and basic software [1] - Companies that achieve breakthroughs in core technologies can access "green channels" for listing, bond issuance, and mergers and acquisitions [1] - More financial support will be available for the promotion of first sets of equipment and first batches of materials [1] Group 2: Transformation of Technological Achievements - Initiatives like "monthly chain" investment roadshows and "thousand sails and hundred boats" listing cultivation will be implemented to optimize the evaluation system for hard technology attributes [2] - Social capital is encouraged to invest early, small, and long-term in hard technology [2] - High-level talent entrepreneurship will receive comprehensive services including credit and financial advisory [2] Group 3: Upgrading Traditional Industries - Banks will increase credit support for the high-end, intelligent, and green transformation of the manufacturing sector [3] - Companies can update intelligent and environmental protection equipment through financing leasing, and related debts can be securitized [3] - Listed companies can achieve industry consolidation and upgrading through overall listings and targeted placements [3] Group 4: Emerging Future Industries - New industries such as information technology, new energy, and biomedicine can access financing in multi-tiered capital markets [4] - Long-term funds from government investment funds and insurance funds will focus on future manufacturing and energy industries under controllable risks [4] - Financing will be made easier for technology companies through mechanisms like "innovation points system" and "intellectual property pledge loans" [4] Group 5: Financing for Small and Medium Enterprises - Financial institutions can provide accounts receivable, order, and warehouse receipt financing based on "data credit" and "object credit" [5] - Exploration of supply chain "de-nuclearization" models will allow loans without relying on core enterprise credit [5] - A national credit information platform for small and micro enterprises will be accelerated to facilitate credit for first-time borrowers [5] Group 6: Green Transformation - Financial institutions are encouraged to support projects in high-carbon industries that comply with green and low-carbon technological transformations [6] - Green credit and green bonds will be directed towards environmental protection, energy saving, and low-carbon fields [6] - A dedicated financial standard system will be established to enhance support for transformation funding [6] Group 7: Digital Integration - Digital infrastructure such as 5G and industrial internet can receive medium- and long-term loans, and financing leasing and asset securitization can be utilized [7] - Banks will build digital industrial platforms to provide "one-stop" services for financing and settlement [7] - Big data and AI technologies will simplify procedures and improve service efficiency for small and medium enterprises [7] Group 8: Risk Prevention - Financial institutions are required to monitor the use of funds to prevent misappropriation and "involution" competition [8] - Joint assessment of industrial and financial risks will be conducted, with timely sharing of high-risk information [8] - Non-performing loans in the manufacturing sector can be legally disposed of through restructuring and write-offs [8]

Domestic Market Overview - The domestic market experienced a rise in both volume and price, with the Shanghai Composite Index closing at 3617.6 points, up 0.96%, and the Shenzhen Component Index closing at 11106.96 points, up 0.59% [1][4][8] - All 30 sectors of the CITIC first-level industries saw gains, with banking, telecommunications, and steel leading the increases [1][4][8] - The total trading volume for the entire A-share market was 16158 billion, showing a decrease compared to the previous day [1][4][8] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 0.14%, the S&P 500 down 0.49%, and the Nasdaq down 0.65% [2][4] - The index tracking the seven major U.S. tech companies fell by 0.66%, with Facebook and Microsoft both dropping over 1% [2][4] Key News Highlights - The State Council issued opinions on gradually promoting free preschool education, aiming for universal access by 2025 [3][10] - The People's Bank of China and six other departments released guidelines to support new industrialization, focusing on a mature financial system by 2027 [3][9][10] - The China Machinery Industry Federation called for fair competition in the photovoltaic industry to maintain high-quality development in foreign trade [3][11] - Fujian Province announced support for the healthy development of the platform economy to expand employment in new economic sectors [3][12]

Report Industry Investment Ratings No relevant content found. Core Views of the Report - For Treasury bonds, the macro - economic recovery momentum needs strengthening, and the yield is at a relatively low level. It is expected that there will be no trend - based market, so a cautious approach is recommended [6][7]. - Regarding stock indices, although the domestic economic recovery momentum is weak, the low - level valuation of domestic assets and China's economic resilience make the long - term performance of Chinese equity assets promising. Consider going long on stock index futures [10][11]. - In the case of precious metals, the complex global trade and financial environment, along with the "de - globalization" and "de - dollarization" trends, support the long - term bullish trend of precious metals. Consider going long on gold futures [12][13]. - For steel products such as rebar, hot - rolled coils, and iron ore, the policy currently dominates the market, and the prices follow the trend of coking coal. Investors can look for opportunities to buy on pullbacks and hold existing long positions while managing their positions [14][16]. - For coking coal and coke, after the price fluctuations, the market is returning to the industrial supply - demand logic. Affected by policies, the prices may continue to be strong. Investors can look for buying opportunities on pullbacks [17]. - For ferroalloys, the short - term supply may exceed demand, but there may be opportunities to go long at low levels when the cost provides support [20]. - Regarding crude oil, the market is complex with high uncertainty due to OPEC+ production increases, poor US non - farm data, and geopolitical risks. It is recommended to wait and see for the main crude oil contract [21][23]. - For fuel oil, the Asian market is well - supplied, and the new US tariff rate is unfavorable to the shipping market. The strategy is to narrow the spread between high - and low - sulfur fuel oils [24][25]. - For synthetic rubber, wait for the market to stabilize before participating in the rebound [26][27]. - For natural rubber, although the macro - market sentiment has cooled, there are still opportunities to go long on pullbacks due to supply disruptions and cost support [28][29]. - For PVC, the supply exceeds demand, but the price may continue to fluctuate at the bottom [30][31]. - For urea, the short - term market may fluctuate, but a bullish view is held for the medium - term [32]. - For PX, the short - term supply - demand balance is tight, and the cost support from crude oil is weakening. Consider range - bound trading [33]. - For PTA, the short - term supply changes little, demand may weaken, and the cost support from crude oil is weakening. There may be a callback risk, and range - bound trading is recommended [34][35]. - For ethylene glycol, the supply pressure increases, but the low - level inventory provides support. Consider range - bound trading and pay attention to port inventory and imports [36]. - For short - fiber, the short - term supply is high, demand is weak, and the price may fluctuate with the cost [37][38]. - For bottle - grade chips, the price may fluctuate with the cost due to raw material price fluctuations and device maintenance [39]. - For soda ash, the supply is at a high level, and the demand is average. The market is expected to adjust steadily in the short - term [40][41]. - For glass, the production is stable, the inventory is decreasing, and the demand is weak. The price may be supported by cost in the short - term [42][43]. - For caustic soda, the supply is increasing after the resumption of production, and the price is expected to be stable [44][45]. - For pulp, the supply tends to expand, the demand is weak, and the price is expected to fluctuate [46][47]. - For lithium carbonate, the supply is high, the demand is improving but the trading is inactive. It is recommended to be cautious due to the uncertainty in the supply [49]. - For copper, the copper concentrate is in short supply, and the support factors for copper prices are weakening. It is recommended to wait and see [51][52]. - For tin, the supply is tight, and the demand is weak. The price is expected to fluctuate [53]. - For nickel, the supply is in excess, and the demand is weak. The price is expected to fluctuate [54]. - For soybean oil and soybean meal, the supply of soybeans is expected to be loose, and there are opportunities to go long on soybean meal at the support level and exit long positions on soybean oil at high levels [55][57]. - For palm oil, the inventory is increasing, but there may be opportunities to go long [58][59]. - For rapeseed meal and rapeseed oil, the supply is expected to increase, and there are opportunities to go long [59][60]. - For cotton, the global supply - demand is expected to be loose, and it is recommended to short on rebounds [61][63]. - For sugar, the production in Brazil is increasing, and it is recommended to wait and see [64][65]. - For apples, the production is expected to increase slightly, and it is recommended to short on rebounds [67][68]. - For live pigs, the supply is increasing, and the demand is weak in the off - season. It is recommended to wait and see [68][69]. - For eggs, the supply is increasing, and it is recommended to hold a 9 - 10 reverse spread [70][71]. - For corn and corn starch, the short - term supply - demand is balanced, and there are opportunities for virtual call options on old - crop contracts. Corn starch follows the corn market [73][74]. - For logs, the supply is tight, the demand is increasing, and the short - term bullish sentiment is strong [76][77]. Grouped by Product Categories Treasury Bonds - The previous trading day, most Treasury bond futures closed higher, with the 30 - year, 10 - year, and 5 - year contracts rising, and the 2 - year contract falling. The central bank conducted 160.7 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 288.5 billion yuan [5]. - The macro - economic recovery momentum needs strengthening, and the Treasury bond yield is at a low level. It is expected that there will be no trend - based market [6]. Stock Indices - The previous trading day, stock index futures showed mixed performance. The seven - department joint guidance on financial support for new industrialization was issued [8][9]. - The domestic economic recovery momentum is weak, but the low - level valuation of domestic assets and China's economic resilience make the long - term performance of Chinese equity assets promising. Consider going long on stock index futures [10]. Precious Metals - The previous trading day, gold and silver futures closed higher. The US trade deficit in June was 60.2 billion US dollars [12]. - The complex global trade and financial environment, along with the "de - globalization" and "de - dollarization" trends, support the long - term bullish trend of precious metals. Consider going long on gold futures [12]. Steel Products - **Rebar and Hot - Rolled Coils**: The previous trading day, rebar and hot - rolled coil futures rose slightly. The policy currently dominates the market, and the prices follow the trend of coking coal. The real - estate industry's downturn suppresses rebar prices. Investors can look for buying opportunities on pullbacks [14]. - **Iron Ore**: The previous trading day, iron ore futures rose slightly. The policy dominates the market, and the price follows coking coal. The short - term supply - demand pattern is strong, but it may weaken in the medium - term. Investors can look for buying opportunities on pullbacks [16]. - **Coking Coal and Coke**: The previous trading day, coking coal and coke futures rose significantly. After the price fluctuations, the market is returning to the industrial supply - demand logic. Affected by policies, the prices may continue to be strong. Investors can look for buying opportunities on pullbacks [17]. - **Ferroalloys**: The previous trading day, manganese silicon and silicon iron futures rose. The short - term supply may exceed demand, but there may be opportunities to go long at low levels when the cost provides support [19][20]. Energy Products - **Crude Oil**: The previous trading day, INE crude oil opened low and closed high. OPEC+ increased production, and the US non - farm data was poor. The market is complex with high uncertainty. It is recommended to wait and see [21][23]. - **Fuel Oil**: The previous trading day, fuel oil opened low and closed high. The Asian market is well - supplied, and the new US tariff rate is unfavorable to the shipping market. The strategy is to narrow the spread between high - and low - sulfur fuel oils [24][25]. Rubber Products - **Synthetic Rubber**: The previous trading day, synthetic rubber futures rose. The raw material price rebounded, and the supply and demand are improving. Wait for the market to stabilize before participating in the rebound [26]. - **Natural Rubber**: The previous trading day, natural rubber futures rose. The macro - market sentiment has cooled, but there are still opportunities to go long on pullbacks due to supply disruptions and cost support [28]. Chemical Products - **PVC**: The previous trading day, PVC futures rose. The supply exceeds demand, but the price may continue to fluctuate at the bottom [30]. - **Urea**: The previous trading day, urea futures rose. The short - term market may fluctuate, but a bullish view is held for the medium - term [32]. - **PX**: The previous trading day, PX futures fell. The short - term supply - demand balance is tight, and the cost support from crude oil is weakening. Consider range - bound trading [33]. - **PTA**: The previous trading day, PTA futures fell. The short - term supply changes little, demand may weaken, and the cost support from crude oil is weakening. There may be a callback risk, and range - bound trading is recommended [34][35]. - **Ethylene Glycol**: The previous trading day, ethylene glycol futures rose. The supply pressure increases, but the low - level inventory provides support. Consider range - bound trading and pay attention to port inventory and imports [36]. - **Short - Fiber**: The previous trading day, short - fiber futures fell. The short - term supply is high, demand is weak, and the price may fluctuate with the cost [37][38]. - **Bottle - Grade Chips**: The previous trading day, bottle - grade chips futures fell. The price may fluctuate with the cost due to raw material price fluctuations and device maintenance [39]. - **Soda Ash**: The previous trading day, soda ash futures rose. The supply is at a high level, and the demand is average. The market is expected to adjust steadily in the short - term [40][41]. - **Glass**: The previous trading day, glass futures fell. The production is stable, the inventory is decreasing, and the demand is weak. The price may be supported by cost in the short - term [42][43]. - **Caustic Soda**: The previous trading day, caustic soda futures fell. The supply is increasing after the resumption of production, and the price is expected to be stable [44][45]. Pulp - The previous trading day, pulp futures fell. The supply tends to expand, the demand is weak, and the price is expected to fluctuate [46][47]. Lithium Carbonate - The previous trading day, lithium carbonate futures fell. The supply is high, the demand is improving but the trading is inactive. It is recommended to be cautious due to the uncertainty in the supply [49]. Non - Ferrous Metals - **Copper**: The previous trading day, Shanghai copper futures rose. The copper concentrate is in short supply, and the support factors for copper prices are weakening. It is recommended to wait and see [51][52]. - **Tin**: The previous trading day, Shanghai tin futures rose. The supply is tight, and the demand is weak. The price is expected to fluctuate [53]. - **Nickel**: The previous trading day, Shanghai nickel futures fell. The supply is in excess, and the demand is weak. The price is expected to fluctuate [54]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, soybean meal and soybean oil futures rose. The supply of soybeans is expected to be loose, and there are opportunities to go long on soybean meal at the support level and exit long positions on soybean oil at high levels [55][57]. - **Palm Oil**: The previous trading day, palm oil futures rose. The inventory is increasing, but there may be opportunities to go long [58][59]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day, rapeseed meal and rapeseed oil futures rose. The supply is expected to increase, and there are opportunities to go long [59][60]. - **Cotton**: The previous trading day, domestic cotton futures rebounded slightly. The global supply - demand is expected to be loose, and it is recommended to short on rebounds [61][63]. - **Sugar**: The previous trading day, domestic sugar futures fell. The production in Brazil is increasing, and it is recommended to wait and see [64][65]. - **Apples**: The previous trading day, apple futures fluctuated. The production is expected to increase slightly, and it is recommended to short on rebounds [67][68]. - **Live Pigs**: The previous trading day, live pig futures rose. The supply is increasing, and the demand is weak in the off - season. It is recommended to wait and see [68][69]. - **Eggs**: The previous trading day, egg futures fell. The supply is increasing, and it is recommended to hold a 9 - 10 reverse spread [70][71]. - **Corn and Corn Starch**: The previous trading day, corn and corn starch futures fell. The short - term supply - demand is balanced, and there are opportunities for virtual call options on old - crop contracts. Corn starch follows the corn market [73][74]. Logs - The previous trading day, log futures fell. The supply is tight, the demand is increasing, and the short - term bullish sentiment is strong [76][77].

Group 1 - The China Securities Industrial Internet Theme Index (931495) experienced a slight decline of 0.10% as of August 6, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Gaode Hongwei (002414) up by 6.69%, Unisoc (002049) up by 1.51%, and Wangsu Science & Technology (300017) up by 1.35%, while Industrial Fulian (601138) led the decline at 1.85% [1] - The recent issuance of the "Guiding Opinions on Financial Support for New Industrialization" by seven departments emphasizes the need for a mature financial system by 2027 to support the high-end, intelligent, and green development of the manufacturing industry [1] Group 2 - The Industrial Internet ETF (159778) closely tracks the China Securities Industrial Internet Theme Index, which includes 50 listed companies involved in industrial internet hardware manufacturing, software development, and application services [2] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 46.55% of the total index weight, with Industrial Fulian (601138) and CATL (300750) among the leading companies [2]

1. Report Industry Investment Ratings - The report does not explicitly mention overall industry investment ratings but provides a "Focus Index" for specific sectors: the coal and coke sector is rated ★★★★, indicating high attention [8]. 2. Core Views of the Report - **Policy Impact**: The joint issuance of the "Guiding Opinions on Financial Support for New - style Industrialization" by seven departments including the People's Bank of China aims to promote the high - end development of industries, support digital infrastructure construction, prevent "involution - type" competition, and enhance the supply guarantee capacity of strategic resources [7]. - **Sector Analysis** - **Coal and Coke**: Supply contraction expectations are strengthening, and the market is in a pattern of weak current situation and strong future expectations. The coal and coke market is expected to be volatile and bullish [9]. - **PX**: With supply increasing and demand decreasing in August, the supply - demand structure is gradually becoming balanced, and a short - term strategy of shorting on rallies is recommended [12]. - **Other Commodities**: Different trends are presented for various commodities such as precious metals, base metals, energy, and agricultural products, including trends like narrow - range fluctuations, bullish or bearish trends [15]. 3. Summary by Relevant Catalogs 3.1 Policy News - Seven departments including the People's Bank of China jointly issued an opinion to support new - style industrialization, strengthen long - term loan support for digital infrastructure construction, and support important mineral resource development [7]. - The U.S. Treasury plans to issue a record - high amount of short - term bonds this week, and there are concerns about the U.S. economic situation such as stagflation [24]. 3.2 Sector Highlights 3.2.1 Coal and Coke - **Supply - Demand Situation**: Domestic supply recovery is slow, and imports are normal. Policy - driven supply contraction expectations are strong. The fifth round of coke price increases has been implemented, but downstream steel mills are resistant to further increases [9][11]. - **Price Analysis**: From a valuation perspective, coal prices are affected by both the market and policy. From a spread perspective, it shows a pattern of weak current situation and strong future expectations [9][11]. 3.2.2 PX - **Supply - Demand Changes**: Supply increases due to device restarts, while demand decreases. The supply - demand structure is gradually becoming balanced, and the downward trend in spot prices and the pressure on the futures market are evident [12]. 3.2.3 Precious Metals - **Market Performance**: Gold shows a slight increase due to weak non - farm data, and silver rebounds slightly. The trend intensity of both is relatively weak [20][23]. 3.2.4 Base Metals - **Copper**: LME inventories increase, and prices are under pressure. Trump's tariff policy on copper products and the suspension of a Chilean copper mine's operation have an impact on the market [25]. - **Zinc**: The market is in a weak and volatile state, affected by factors such as inventory changes and macro - news [28]. - **Lead**: Inventory decreases, and prices are supported [32]. - **Tin**: The market is in a range - bound state, and the trend intensity is slightly bearish [34]. - **Aluminum, Alumina, and Cast Aluminum Alloy**: Aluminum is in a range - bound state, alumina shows a slight decline, and cast aluminum alloy follows the trend of electrolytic aluminum [42]. - **Nickel and Stainless Steel**: The nickel market has intensified long - short competition and narrow - range fluctuations. Stainless steel is dragged down by supply - demand realities, but raw material costs limit the downside [46]. 3.2.5 Energy and Chemicals - **Carbonate Lithium**: The market is in a wide - range fluctuation state, and resource - side disturbances have not been resolved [51]. - **Industrial Silicon and Polysilicon**: Industrial silicon has a weak fundamental situation, and polysilicon is affected by more news disturbances [55]. - **Iron Ore**: The market is in a volatile and repeated state [59]. - **Rebar and Hot - Rolled Coil**: Affected by sector sentiment, they are in a wide - range fluctuation state, and the supply - demand situation and macro - policies have an impact on the market [62]. - **Silicon Ferrosilicon and Manganese Silicide**: Affected by market information, they are in a wide - range fluctuation state. The cost and price of raw materials and market transactions have an impact on the market [67]. - **Coke and Coking Coal**: They are expected to be volatile and bullish, with supply contraction expectations and price increases [72]. - **Log**: The market is in a volatile and repeated state [76].