Group 1 - The glass futures market is experiencing a strong upward trend, with the main contract opening at 1067.00 CNY/ton and reaching a high of 1092.00 CNY, reflecting an increase of approximately 1.59% [1] - Supply remains stable week-on-week, with expectations of production cuts due to macroeconomic policies aimed at reducing overcapacity in the glass industry [1] - Demand from the real estate sector remains weak, but there are slight improvements in downstream processing orders, which increased to 9.55 days by the end of July [1] Group 2 - The market sentiment is cooling down as macroeconomic positive factors have been exhausted, leading to a price correction in glass, with expectations of short-term price fluctuations within a range [1] - The Central Political Bureau of the Communist Party emphasized the importance of high-quality urban renewal, which may impact the glass market positively in the long term [2] - The glass supply-demand balance is gradually improving, indicating a potential upward trend in prices despite current market volatility [2]

Report Overview - Report Title: Jinxin Futures Daily - Report Date: August 11, 2025 - Report Author: Jinxin Futures Research Institute 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - **Carbonate Lithium**: In the short - term, the price of carbonate lithium may be supported due to the marginal improvement in fundamentals and the potential for further fermentation of mining license and production reduction expectations. However, in the medium - to - long - term, the global lithium resource supply is in an expansion cycle, and it is difficult for the lithium price to reverse the trend, with a view of "possible rebound, not yet a reversal", and it should be treated with a bullish bias in a volatile market [3]. - **A - shares**: 700 billion yuan of reverse repurchases keep the liquidity of the banking system abundant, which continues to be beneficial for A - shares. In the short - term, the market is expected to continue to fluctuate upwards at a high level [6]. - **Gold**: The July non - farm payroll data was significantly lower than expected, especially the significant downward revision of the data for May and June, indicating that the US economy is not as strong as expected, increasing the probability of a September interest rate cut, which is beneficial for gold. Currently, the weekly adjustment is relatively sufficient, and it will have a small - scale platform shock in the short - term [10]. - **Iron Ore**: The profitability of steel mills has improved, and the molten iron output remains at a high level, with strong fundamental support. The black industry chain shows a resonance upward trend. Technically, after a small adjustment today, a low - buying strategy should be maintained [14][15]. - **Glass**: The supply - demand situation has slightly improved, and the factory inventory has declined significantly, but the recovery of terminal deep - processing orders is still weak. The recent market is mainly driven by the improvement and strengthening of the macro - environment under the expectation of domestic economic recovery. Technically, the lower support is effective, and a low - buying strategy after stabilization should be adopted [18][19]. - **Alumina**: Alumina has continuous themes and high capital enthusiasm, with high long - term volatility in futures. After EGA condemned Guinea's government for revoking GAC's mining license, a low - buying strategy on dips should be maintained [22]. 3. Summary by Related Catalogs Hot Focus - In recent days, carbonate lithium futures have risen sharply by over 10%, and the volatility has increased, mainly due to the disturbance of the Jixiawo mining license renewal event. As of August 9, the Jixiawo mining license was due to expire, increasing the market's expectation of production reduction. If the production reduction is implemented, it will directly affect the short - term supply - demand balance. There are many market rumors recently, but there is no official conclusion yet. Before the risk events are settled this week, the market will fluctuate greatly [3]. Technical Analysis - Stock Index Futures - 700 billion yuan of reverse repurchases keep the liquidity of the banking system abundant, which is beneficial for A - shares. In the short - term, the market will continue to fluctuate upwards at a high level [6]. Technical Analysis - Gold - The July non - farm payroll data was significantly lower than expected, especially the significant downward revision of the data for May and June, indicating that the US economy is not as strong as expected, increasing the probability of a September interest rate cut, which is beneficial for gold. Currently, the weekly adjustment is relatively sufficient, and it will have a small - scale platform shock in the short - term [10]. Technical Analysis - Iron Ore - The profitability of steel mills has improved, and the molten iron output remains at a high level, with strong fundamental support. The black industry chain shows a resonance upward trend. Technically, after a small adjustment today, a low - buying strategy should be maintained [14][15]. Technical Analysis - Glass - The supply - demand situation has slightly improved, and the factory inventory has declined significantly, but the recovery of terminal deep - processing orders is still weak. The recent market is mainly driven by the improvement and strengthening of the macro - environment under the expectation of domestic economic recovery. Technically, the lower support is effective, and a low - buying strategy after stabilization should be adopted [18][19]. Technical Analysis - Alumina - Alumina has continuous themes and high capital enthusiasm, with high long - term volatility in futures. After EGA condemned Guinea's government for revoking GAC's mining license, a low - buying strategy on dips should be maintained [22].