Group 1: Report Core View - Bank - to - bank major interest - rate bond yields generally rose by about 4bp; Treasury bond futures closed sharply lower, with the 30 - year main contract down 0.78% and the 10 - year main contract down 0.25%. The yields of bank "secondary and perpetual bonds" generally rose by about 4bp. The central bank made continuous net injections in the open market, and the short - term liquidity in the inter - bank market further eased. The weighted average rate of DR001 dropped by about 10bp to around 1.36%. Recently, the sharply falling commodity futures showed signs of stabilizing, and the stock market continued to fluctuate strongly, expanding its gains in the afternoon, suppressing the risk - aversion sentiment. In addition, rumors about the Politburo meeting focusing on "anti - involution" also had a certain negative impact. Continued attention should be paid to the final meeting content and the progress of China - US negotiations [3] - On July 29, the People's Bank of China conducted 449.2 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%. The bid volume was 449.2 billion yuan, and the winning volume was 449.2 billion yuan. According to Wind data, 214.8 billion yuan of reverse repurchases matured on that day, resulting in a net injection of 234.4 billion yuan for the day [3] - The main basis of TS is 0.0139, with the spot bond at a premium to the futures, which is bullish. The main basis of TF is 0.0286, with the spot bond at a premium to the futures, which is bullish. The main basis of T is 0.1589, with the spot bond at a premium to the futures, which is bullish. The main basis of TL is 0.3153, with the spot bond at a premium to the futures, which is bullish [3] - The balances of deliverable bonds for the main contracts of TS, TF, and T are 1.3594 trillion, 1.4935 trillion, and 2.3599 trillion respectively; it is neutral [4] - The main contract of TS is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish. The main contract of TF is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish. The main contract of T is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [4] - The main contract of TS has a net long position, and the long position increases. The main contract of TF has a net long position, and the long position increases. The main contract of T has a net long position, and the long position decreases [5] - In June, the three major PMI indices all rebounded, the year - on - year CPI turned positive, and the core CPI continued to rise. China's LPR in July remained unchanged for the second consecutive month. In the first half of the year, the total financial volume increased reasonably, and China's credit total... (incomplete information in the original text) [6] Group 2: Market Review - The 30 - year, 10 - year, 5 - year, and 2 - year main contract market element table shows that for T2509, the current price is 108.130, down 0.25%, with a trading volume of 77,800, an open interest of 187,214, a daily open - interest change of - 625, and the CTD bond is 240013.IB; for TF2509, the current price is 105.545, down 0.17%, with a trading volume of 59,900, an open interest of 148,330, a daily open - interest change of - 32, and the CTD bond is 240001.IB; for TS2509, the current price is 102.302, down 0.06%, with a trading volume of 40,300, an open interest of 98,505, a daily open - interest change of - 2929, and the CTD bond is 240012.IB; for TL2509, the current price is 117.87, down 0.78%, with a trading volume of 140,800, an open interest of 120,771, a daily open - interest change of + 488, and the CTD bond is 200012.IB [9] Group 3: Cash Bond Analysis - There are data on DR interest rates and inter - bank Treasury bond yields and Treasury bond term spreads, but specific numerical analysis is not clearly summarized in the given text [10][14] Group 4: Basis Analysis - There are basis analysis charts for T2509, TF2509, and TS2509 CTD bonds, showing the basis trends from December 16, 2024, to May 20, 2025 [17][18][20]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - The non - US copper market has low inventory, and the domestic copper market is expected to have a situation of weak supply and strong demand, with inventory depletion likely to continue. The short - term price of Shanghai copper lacks a clear driver and maintains low volatility [3]. - The aluminum market sentiment has slightly declined, and it is recommended to wait and see. For different aluminum - related products, corresponding support and pressure intervals are given, and options can be used for protection [5]. - The fundamentals of tin are in a situation of both weak supply and demand, with the market oscillating weakly. It is recommended to take a short - selling approach [5]. - The zinc market has an increase in supply and weak demand, with import processing fees rising. The price is expected to be short - term bearish with a certain support level [6]. - The lead market has a recovery in demand, and attention should be paid to the driving force of the peak season and the macro - orientation. It can be considered to go long at low prices [6]. - The nickel and stainless - steel markets are affected by multiple factors such as the dollar and trade agreements. They are in an oscillating state, and short - term short - selling strategies can be considered [6]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro - logic**: The non - ferrous metal sector rebounded to different degrees this week. Domestic policies are favorable, but the spill - over effect on non - ferrous metals is limited in terms of persistence and intensity. Overseas, tariff negotiations are still ongoing, and the market is cautious. The future trend of non - ferrous metals depends on the resonance of supply - demand fundamentals and the macro - environment [10][12]. - **Single - side strategies for each variety**: - **Copper**: It is recommended to go long at low prices, as the non - US market inventory is low and the domestic copper market is expected to have a supply - demand imbalance with weak supply and strong demand [13]. - **Zinc**: Adopt a strategy of short - term long and medium - term short, as the supply is increasing and the demand is weak [13]. - **Aluminum industry chain**: It is recommended to wait and see or short - sell in the short term, as the supply and demand situation is not optimistic [14]. - **Tin**: Adopt a high - selling and low - buying strategy, as the market is in an interval oscillation [14]. - **Lead**: Consider buying a bull spread at low prices or using a wide - interval double - selling strategy, as the market is in an interval arrangement [14]. - **Nickel**: Sell out - of - the - money call options at high prices, as the market is in an interval fluctuation [15]. - **Stainless steel**: Adopt a high - selling and low - buying strategy, as the market is in an oscillating state [15]. - **Arbitrage strategies**: - **Copper 2508 - 2509 contract positive spread**: After the tariff expectation is fulfilled, the short - term negative impact on Shanghai copper is basically over, and the domestic copper market fundamentals are turning to weak supply and strong demand [16]. - **Alumina 2502 - 2509 contract reverse spread**: The near - strong and far - weak structure of alumina has returned [16]. 3.2 Second Part: Non - ferrous Metals Market Review - The report provides the closing prices and weekly price changes of various non - ferrous metal futures, including copper, aluminum, tin, zinc, lead, nickel, stainless steel, and cast aluminum alloy [16]. 3.3 Third Part: Non - ferrous Metals Spot Market - The report shows the spot prices and price changes of various non - ferrous metals, such as copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy [21]. 3.4 Fourth Part: Tracking of Key Data in the Non - ferrous Metals Industry Chain - For each non - ferrous metal variety (copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel), relevant data tracking charts are provided, including inventory changes, processing fees, price trends, and production capacity utilization rates [22][24][33][35][41][49][57][67]. 3.5 Fifth Part: Non - ferrous Metals Arbitrage - For each non - ferrous metal variety (copper, zinc, aluminum and alumina, tin, lead, nickel and stainless steel), relevant arbitrage data charts are provided, such as the ratio of Shanghai and London prices, basis spreads, and spreads between different contracts [72][74][75][78][81][86][87]. 3.6 Sixth Part: Non - ferrous Metals Options - For each non - ferrous metal variety (copper, zinc, aluminum), relevant option data charts are provided, including historical volatility, weighted implied volatility, trading volume, and open interest [91][93][94].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - Today, all treasury bond futures fluctuated and pulled back. This week, the central bank's open - market operations led to a net withdrawal of liquidity, tightening the loose state of market liquidity and causing market interest rates to rise. Since July, due to the easing of Sino - US economic and trade relations and positive macro - economic expectations, market interest rates have gradually increased. However, considering the anchoring effect of policy rates, the room for further upward movement of market interest rates is limited. On the other hand, the problem of insufficient domestic effective demand still exists, and a relatively loose monetary environment is still needed to support the economy in the second half of the year, so there is still an expectation of interest rate cuts. But the LPR remained unchanged in July, and the possibility of an interest rate cut in the short term is low. In general, treasury bond futures will mainly fluctuate and consolidate in the short term [4] Group 3: Summary of Related Catalogs 1. Industry News and Related Charts - On July 24, 2025, the central bank announced that on July 25, it will conduct 400 billion yuan of 1 - year MLF operations in a fixed - quantity, interest - rate tender, and multiple - price winning bid manner. - On July 24, 2025, the central bank conducted 331 billion yuan of 7 - day reverse repurchase operations at an operating interest rate of 1.40% [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The short - term, medium - term, and overall view of TL2509 is "oscillation", with an intraday view of "oscillation on the weak side". The core logic is that the monetary policy environment is loose, but the possibility of short - term interest rate cuts is low [1]. - For the main varieties of financial futures (TL, T, TF, TS), the intraday view is "oscillation on the weak side", the medium - term view is "oscillation", and the overall reference view is "oscillation". In the short term, the Treasury bond futures will mainly oscillate and consolidate [5]. 3. Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Index Sector - For TL2509, the short - term, medium - term, and overall view is "oscillation", and the intraday view is "oscillation on the weak side". The core logic is that the monetary policy environment is loose, but the short - term possibility of interest rate cuts is low [1]. Main Variety Price Quotation Driving Logic - Financial Futures Index Sector - Yesterday, Treasury bond futures oscillated and slightly corrected, showing a trend of hitting the bottom and then rebounding. Due to the easing of Sino - US economic and trade relations, the strong resilience of China's macro - economy in the first half of the year, and the continuous increase in the stock market's risk appetite from the capital side, Treasury bond futures corrected in the short term [5]. - The market interest rate has risen to near the policy rate, and the room for further increase is limited, so the downward momentum of Treasury bond futures is limited. There is still a problem of insufficient effective domestic demand, and a loose monetary environment is needed to support the economy in the second half of the year, with an expectation of interest rate cuts. However, the possibility of short - term interest rate cuts is low, and the 7 - month LPR remains unchanged, so the upward space for Treasury bond futures in the short term is also limited [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - On July 23, 2025, Treasury bond futures oscillated with a slight pullback, showing a trend of hitting the bottom and rebounding throughout the day. Recently, the China-US economic and trade situation has tended to ease. Coupled with the strong resilience of China's macro - economy in the first half of the year and the continuous increase in the stock market's risk appetite in the capital market, Treasury bond futures have had a short - term pullback. However, the current market interest rate has risen to near the policy rate, and the room for further increase is relatively limited, which means the downward momentum of Treasury bond futures is also limited. On the other hand, the problem of insufficient effective domestic demand still exists. A relatively loose monetary environment is still needed to support the economy in the second half of the year, and there is still an expectation of interest rate cuts. However, the possibility of an interest rate cut in the short term is low, and the LPR remained unchanged in July. In the short term, the upward space for Treasury bond futures is also relatively limited. In general, Treasury bond futures will mainly oscillate and consolidate in the short term [2] Group 3: Summary by Relevant Catalog Industry News - On July 23, the People's Bank of China conducted 150.5 billion yuan of reverse repurchase operations at a fixed - rate and quantity - tendered method, with an operating rate of 1.40%, the same as before. Since 520.1 billion yuan of 7 - day reverse repurchases matured on this day, the net withdrawal of funds on the day was 369.6 billion yuan [4]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the second quarter of 2025, Central Huijin bought large - scale exchange - traded funds (ETFs), with the total purchase amount exceeding 200 billion yuan. The LPR remained unchanged in July. A - share major indices mostly declined, and the trading volume decreased slightly. The real estate market still drags down fixed - asset investment growth, and the support of trade - in programs for social retail sales has weakened. However, financial data shows that the loose monetary policy has achieved some results, which may be reflected in subsequent economic indicators. With the approaching of the Politburo meeting at the end of July, market bulls may make early arrangements. Central Huijin's ETF purchases also boost market confidence, and stock indices still have long - term upward potential. The strategy is to buy on dips with a light position [2] 3. Summary by Relevant Catalogs 3.1 Futures Prices and Spreads - IF main contract (2509) price is 4109.2, up 12.6; IH main contract (2509) price is 2802.8, up 13.4. IC main contract (2509) price is 6120.0, up 8.2; IM main contract (2509) price is 6500.0, up 4.2. Most spreads between different contracts decreased, while the differences between quarterly and current contracts of most varieties increased [2] 3.2 Futures Position - IF top 20 net positions are - 27,906.00, up 240.0; IH top 20 net positions are - 15,788.00, up 674.0; IC top 20 net positions are - 12,752.00, up 932.0; IM top 20 net positions are - 38,839.00, down 691.0 [2] 3.3 Spot Prices and Basis - The Shanghai - Shenzhen 300 index is 4119.77, up 0.8; the Shanghai 50 index is 2801.20, up 9.0; the CSI 500 index is 6196.76, down 16.7; the CSI 1000 index is 6607.22, down 29.9. The basis of most futures contracts has different changes [2] 3.4 Market Sentiment - A - share trading volume is 18,983.71 billion yuan, down 302.74 billion yuan; margin trading balance is 19,332.73 billion yuan, up 153.54 billion yuan. North - bound trading volume is 2414.97 billion yuan, up 328.02 billion yuan. The proportion of rising stocks is 23.44%, down 23.46 percentage points [2] 3.5 Wind Market Strength - Weakness Analysis - The overall A - share index is 3.40, down 2.30; the technical index is 2.30, down 2.30; the capital index is 4.50, down 2.30 [2] 3.6 Industry News - In the second quarter of 2025, Central Huijin bought large - scale ETFs. On July 21, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5%, both unchanged from the previous month [2] 3.7 Key Events to Watch - July 24: France, Germany, Eurozone, UK July SPGI manufacturing PMI preliminary value; European Central Bank interest rate decision; US initial jobless claims for the week ending July 19 and July SPGI manufacturing PMI preliminary value. July 27: China's industrial enterprise profits above designated size in June [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The alumina market is expected to be in a stage of slightly increasing supply and stable demand. The electrolytic aluminum market may face stable supply and temporarily weak demand, with the influence of the consumption off - season intensifying. The casting aluminum alloy market is likely to be in a situation of weak supply and demand, with industrial inventory gradually accumulating [2]. - For all three markets (alumina, electrolytic aluminum, and casting aluminum alloy), the technical analysis shows that the 60 - minute MACD has double lines above the 0 - axis with converging red columns. The recommended trading strategy is to trade with a light position in a volatile manner, while paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Directory 3.1 Futures Market - **Prices and Spreads**: The closing price of the Shanghai Aluminum main contract was 20,900 yuan/ton, up 60 yuan; the closing price of the alumina futures main contract was 3,513 yuan/ton, up 127 yuan. The LME electrolytic aluminum three - month quotation was 2,641 US dollars/ton, up 3 US dollars. The spreads of some contracts changed, such as the spread of the Shanghai Aluminum current - next month contract increasing by 10 yuan to 65 yuan, while the alumina current - next month contract spread decreased by 24 yuan to 0 yuan [2]. - **Positions and Inventories**: The position of the Shanghai Aluminum main contract increased by 13,990 hands to 330,897 hands, while the alumina main contract position decreased by 9,904 hands to 211,644 hands. LME aluminum inventories increased by 3,725 tons to 434,425 tons, and Shanghai Aluminum's SHFE inventory increased by 5,625 tons to 108,822 tons [2]. 3.2 Spot Market - **Prices**: The Shanghai Non - ferrous Network A00 aluminum price was 20,940 yuan/ton, up 50 yuan; the alumina spot price in Shanghai Non - ferrous was 3,210 yuan/ton, up 50 yuan. The average price of ADC12 aluminum alloy ingots nationwide was 20,250 yuan/ton, up 50 yuan [2]. - **Basis**: The basis of casting aluminum alloy decreased by 740 yuan to - 30 yuan, and the basis of electrolytic aluminum decreased by 280 yuan to 100 yuan. The basis of alumina decreased by 203 yuan to - 176 yuan [2]. 3.3 Upstream Situation - **Production and Utilization**: Alumina production was 774.93 million tons per month, with a national alumina start - up rate of 79.61% and a capacity utilization rate of 80.93% (down 1.17 percentage points) [2]. - **Supply and Demand**: The demand for alumina in the electrolytic aluminum part decreased by 23.83 million tons to 696.19 million tons per month, and the alumina supply - demand balance increased by 52.40 million tons to 27.14 million tons per month [2]. - **Trade**: China's imports of aluminum scrap and waste decreased by 4,084.65 tons to 155,616.27 tons per month, and exports decreased by 8.11 tons to 64.33 tons per month. Alumina exports decreased by 4 million tons to 17 million tons per month, and imports increased by 3.38 million tons to 10.13 million tons per month [2]. 3.4 Industry Situation - **Production and Capacity**: The total production capacity of electrolytic aluminum increased by 0.50 million tons to 4,520.70 million tons per month, the production of aluminum products increased by 11.17 million tons to 587.37 million tons per month, and the production of recycled aluminum alloy ingots increased by 0.29 million tons to 61.89 million tons per month [2]. - **Trade**: The import of primary aluminum decreased by 30,781 tons to 192,314.50 tons per month, and the export decreased by 12,523.35 tons to 19,570.72 tons per month. The export of unwrought aluminum and aluminum products decreased by 6 million tons to 49 million tons per month, and the export of aluminum alloy increased by 0.16 million tons to 2.58 million tons per month [2]. 3.5 Downstream and Application - **Production**: The production of aluminum alloy increased by 2.40 million tons to 166.90 million tons per month, and the production of automobiles increased by 16.66 million vehicles to 280.86 million vehicles per month. The national housing climate index decreased by 0.11 to 93.60 [2]. 3.6 Options Situation - **Volatility and Ratio**: The 20 - day historical volatility of Shanghai Aluminum decreased by 0.08 percentage points to 10.04%, the 40 - day historical volatility increased by 0.01 percentage points to 10.10%. The implied volatility of the Shanghai Aluminum main contract at - the - money increased by 0.0233 percentage points to 11.38%, and the put - call ratio increased by 0.0486 to 1.13 [2]. 3.7 Industry News - Fiscal policy in the second half of 2025 is expected to continue to support consumption and investment, and market institutions expect a further decline in LPR [2]. - Fitch downgraded the outlook of 25% of US industries in 2025 to "deteriorated" due to increased uncertainty, slow economic growth, and expected long - term high interest rates [2]. 3.8 Market Views and Suggestions - **Alumina**: The supply is expected to increase slightly, and the demand is stable. It is recommended to trade with a light position in a volatile manner [2]. - **Electrolytic Aluminum**: The supply is stable, and the demand is temporarily weak. It is recommended to trade with a light position in a slightly stronger volatile manner [2]. - **Casting Aluminum Alloy**: The supply and demand are weak. It is recommended to trade with a light position in a slightly stronger volatile manner [2].

Report Information - Report Title: Stock Index Futures Panoramic Daily Report 2025/7/22 [1] - Researcher: Liao Hongbin [3] - Futures Practitioner Qualification Number: F30825507 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0020723 [3] Investment Rating - Not provided Core Viewpoints - A total of 1,540 A-share listed companies disclosed their semi-annual performance forecasts for 2025 as of July 18, 2025, with 674 companies expecting good news, a pre - happy ratio of about 43.77% [2] - On July 21, the 1 - year and 5 - year - plus loan prime rates (LPR) remained unchanged from the previous month [2] - A - share major indices rose collectively, with the Shanghai Composite Index up 0.62%, the Shenzhen Component Index up 0.84%, and the ChiNext Index up 0.61%. The trading volume of the two markets increased for four consecutive trading days [2] - The real estate market still drags down fixed - asset investment growth, and the support of trade - in for social retail sales has weakened, but the loose monetary policy has shown results in financial data, which may be reflected in subsequent economic indicators [2] - As the Politburo meeting at the end of July approaches, market bulls may make early arrangements, and stock indices still have long - term upward potential. It is recommended to buy on dips with a light position [2] Summary by Relevant Catalogs Futures Contract Data - IF, IH, IC, and IM contracts' main and sub - main contracts all showed upward trends in price changes compared to the previous period [2] - The spreads between different contracts such as IC - IF, IF - IH, etc. also had corresponding changes, with some increasing and some decreasing [2] - The net positions of the top 20 in futures contracts mostly decreased, such as IH with a decrease of 1,666.0 and IF with a decrease of 518.0 [2] Basis and Market Sentiment Data - The basis of the main contracts of IF, IH, IC, and IM all increased compared to the previous period [2] - The margin trading balance increased by 1,338.16 billion yuan, and the A - share trading volume increased by 155.82 billion yuan [2] - The reverse repurchase operation volume increased by 140.75 billion yuan, and the north - bound trading volume increased by 2,148.0 [2] - The MLF net injection decreased by 465.57 billion yuan [2] Option and Volatility Data - The closing price of the IO at - the - money call option (2508) increased by 18.40, and its implied volatility increased by 0.26% [2] - The closing price of the IO at - the - money put option (2508) decreased by 19.20, and its implied volatility increased by 0.26% [2] - The 20 - day volatility of the CSI 300 index decreased by 0.42%, and the trading volume PCR increased by 1.67% [2] - The position PCR increased by 5.72% [2] Technical and Market Analysis Data - The Wind market strength of all A - shares decreased by 1.50, and the technical aspect decreased by 2.60 [2] - The capital aspect decreased by 0.30 [2] Key Events to Watch - On July 24, 15:15 - 16:30, the preliminary SPGI manufacturing PMI values for France, Germany, the Eurozone, and the UK in July will be released [3] - On July 24, 20:15, the European Central Bank will announce its interest rate decision [3] - On July 24, 20:30, the number of initial jobless claims in the US for the week ending July 19 will be released, and at 21:45, the preliminary SPGI manufacturing PMI value for the US in July will be released [3] - On July 27, 9:30, China's industrial enterprise profits above designated size for June will be released [3]

Report Industry Investment Rating - Not provided Core View of the Report - The main contract of Shanghai copper fluctuates strongly, with increasing positions, spot premium, and strengthening basis. The fundamentals show that the TC spot index of copper concentrate has slightly rebounded but still operates in the negative range, and port inventories have slightly increased. Recently, the decline in copper prices has dragged down the quotation of copper ore slightly. On the supply side, due to the relatively abundant raw materials recently and the good price of by - product sulfuric acid from smelters, smelters' production willingness remains relatively positive, and the domestic supply volume may increase steadily and slightly. On the demand side, affected by the seasonal consumption off - season, the start - up and orders of downstream copper processing enterprises have declined. Coupled with the price - holding behavior of holders, downstream purchasing attitudes are cautious, mainly for just - in - time replenishment, so the trading sentiment in the spot market is relatively light. In terms of inventory, domestic social inventories have slightly accumulated but still operate at a medium - low level. Overall, the fundamentals of Shanghai copper may be in a situation of slightly increasing supply and temporarily weak demand, but due to the increasing macro - policy benefits, the industry expectations are gradually being repaired. In the options market, the call - put ratio of at - the - money option positions is 1.53, with a month - on - month decrease of 0.1204, indicating a bullish sentiment in the options market, and the implied volatility has slightly increased. Technically, for the 60 - minute MACD, the double lines are above the 0 - axis, and the red bars are converging. The operation suggestion is to conduct light - position oscillating trading and pay attention to controlling the rhythm and trading risks [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper is 79,740 yuan/ton, up 40 yuan; the price of LME 3 - month copper is 9,849 dollars/ton, down 11 dollars. The inter - month spread of the main contract is - 30 yuan/ton, down 30 yuan; the position of the main contract of Shanghai copper is 166,726 lots, up 29,109 lots. The position of the top 20 futures holders of Shanghai copper is 1,583 lots, up 2,935 lots. LME copper inventory is 122,075 tons, down 100 tons; Shanghai Futures Exchange inventory of cathode copper is 84,556 tons, up 3,094 tons; LME copper cancelled warrants are 12,575 tons, down 1,500 tons; Shanghai Futures Exchange warehouse receipts of cathode copper are 25,507 tons, down 2,856 tons [2]. Spot Market - The price of SMM 1 copper spot is 79,755 yuan/ton, up 200 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 79,695 yuan/ton, up 55 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 65 dollars/ton, unchanged; the average premium of Yangshan copper is 48.5 dollars/ton, unchanged. The basis of the CU main contract is 15 yuan/ton, up 160 yuan; the LME copper premium (0 - 3) is - 66.96 dollars/ton, down 13.2 dollars [2]. Upstream Situation - The import volume of copper ore and concentrates is 234.97 million tons, down 4.58 million tons. The TC of domestic copper smelters is - 43.45 dollars/kiloton, up 0.34 dollars. The price of copper concentrate in Jiangxi is 70,030 yuan/metal ton, up 70 yuan; the price of copper concentrate in Yunnan is 70,730 yuan/metal ton, up 70 yuan. The processing fee of blister copper in the south is 800 yuan/ton, unchanged; the processing fee of blister copper in the north is 750 yuan/ton, unchanged [2]. Industry Situation - The output of refined copper is 130.2 million tons, up 4.8 million tons. The import volume of unwrought copper and copper products is 460,000 tons, up 30,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai is 55,690 yuan/ton, up 600 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 68,100 yuan/ton, up 800 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 640 yuan/ton, unchanged [2]. Downstream and Application - The output of copper products is 221.45 million tons, up 11.85 million tons. The cumulative completed investment in power grid infrastructure is 203.986 billion yuan, up 63.169 billion yuan. The cumulative completed investment in real estate development is 4,665.756 billion yuan, up 1,042.372 billion yuan. The monthly output of integrated circuits is 4,505,785,400 pieces, up 270,785,400 pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper is 11.57%, down 0.08%; the 40 - day historical volatility of Shanghai copper is 10.02%, down 0.10%. The implied volatility of at - the - money options in the current month is 12.4%, up 0.0291; the call - put ratio of at - the - money options is 1.53, down 0.1204 [2]. Industry News - In the first half of 2025, the national economy generally operated steadily and improved. The more proactive fiscal policy has achieved remarkable results. In the second half of the year, to promote consumption and investment, the fiscal policy will continue to act proactively. The LPR in China remained unchanged in July for the second consecutive month, with the 1 - year variety at 3.0% and the over - 5 - year variety at 3.5%. Market institutions generally expect that there is room for further decline in LPR in the second half of the year. International rating agency Fitch said that policy risks cast a shadow over the US credit outlook. Fitch downgraded the outlook of 25% of US industries in 2025 to "deteriorating" due to increased uncertainty, slow economic growth, and the expectation of long - term high interest rates [2].

Report Overview - The report provides a comprehensive review of the financial markets on July 22, 2025, including stock indices, central bank operations, economic data, and corporate news [1][2][4] Market Indices Hong Kong Stock Market - The Hang Seng Index opened 165 points higher and reached a high of 25,010 points, a three - year high since February 2022, closing at 24,994 points, up 168 points or 0.7% with a turnover of HK$263.012 billion [1] - The Hang Seng China Enterprises Index rose 53 points or 0.6% to close at 9,040 points [1] - The Hang Seng Tech Index rose 46 points or 0.8% to close at 5,585 points [1] A - share Market - The Shanghai Composite Index rose 25 points or 0.7% to close at 3,559 points, a nine - month high since October last year, with a turnover of RMB730.9 billion [2] - The Shenzhen Component Index rose 93 points or 0.9% to close at 11,007 points, with a turnover of RMB969.1 billion [2] - The ChiNext Index rose 19 points or 0.9% to close at 2,296 points, with a turnover of RMB444 billion [2] US Stock Market - The S&P 500 Index rose 0.1% to close at 6,305 points, closing above 6,300 points for the first time, and the Nasdaq rose 78 points or 0.4% to close at 20,974 points [2] Central Bank Operations - The People's Bank of China conducted 170.7 billion yuan of seven - day reverse repurchase operations on July 21, with an operating rate of 1.4%. There were 226.2 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 55.5 billion yuan [2] - The central parity rate of the RMB against the US dollar was set at 7.1522, down 24 points [2] Economic Data - The overall consumer price index in June 2025 increased by 1.4% year - on - year, lower than the market expectation of 1.7% and the 1.9% increase in May 2025. The basic inflation rate was 1%, the same as in May [4] Corporate News - JD.com's self - operated takeaway store "Seven Fresh Kitchen" opened on July 20 [4] - Transsion Holdings is considering a secondary IPO in Hong Kong, planning to raise about US$1 billion (equivalent to about HK$7.8 billion), but the discussion is in the early stage [4] - Harbin Electric issued a profit warning, expecting a net profit of about 1.02 billion yuan for the six months ended June, compared with 523 million yuan in the same period last year [5] - Meitu expects an adjusted net profit attributable to the parent company's equity holders to increase by about 65% - 72% year - on - year for the six months ended June 30, 2025. Considering non - cash and non - operating items, the net profit is expected to increase by no less than 30% [5] International News - The Kremlin said it does not rule out a meeting between the Russian and US presidents if they both visit Beijing in September. Russian President Putin will visit China for the 80th anniversary of the end of World War II [3] - US Treasury Secretary Bessent said the US government focuses on the quality of trade agreements and will not rush to reach an agreement. Countries in trade negotiations with the US may face high tariffs if no agreement is reached by August 1 [3]