Group 1: Report Summary - The report covers various industries including finance, energy, metals, black commodities, agriculture, and shipping [1][9][11] - It analyzes market performance, price trends, and influencing factors for different commodities and financial instruments [2][3][9] - Macroeconomic factors such as US tariff policies, central bank actions, and economic data are considered [2][9][14] Group 2: Industry Investment Ratings - No industry investment ratings are provided in the report Group 3: Core Views - The Chinese foreign exchange market shows resilience despite complex external situations [1] - Gold and silver may continue to be strong due to market risk aversion and long - term drivers [2][14] - Crude oil prices are affected by OPEC production, US inventory data, and trade tensions [3][11] - Steel prices may continue to be volatile and strong in the short term due to supply - demand balance and cost factors [4][20] Group 4: Summary by Directory 1. Main News - **International News**: Trump announced trade agreements with the Philippines and Indonesia, including tariff adjustments and market access [5] - **Domestic News**: At the end of Q2, RMB real estate loan balances increased, while personal housing loan balances decreased slightly [6] - **Industry News**: Russia maintains its forecast for grain production and expects significant grain exports [7] 2. Outer - market Daily Returns - Various outer - market indices and commodities showed different price changes on July 22 compared to July 21, including gains in the S&P 500, London gold, and losses in ICE Brent crude [8] 3. Morning Comments on Major Varieties **Financial** - **Stock Index**: A - shares are considered to have high investment value in the medium - to - long term, with different indices having different characteristics [9] - **Treasury Bonds**: Long - term treasury bond prices are falling, and market funds are relatively stable. External policies and economic data affect the market [10] **Energy and Chemical** - **Crude Oil**: Prices are falling, affected by OPEC production increases, US inventory changes, and trade tensions [3][11] - **Methanol**: Short - term prices are expected to be bullish due to changes in production load and inventory [12] - **Rubber**: Prices may slowly rise due to supply - side factors, while demand - side support is weak [13] **Metal** - **Precious Metals**: Gold and silver are likely to remain strong, but there are risks of Trump's tariff threats being realized [2][14] - **Copper**: Prices may fluctuate within a range due to factors such as processing fees and downstream demand [15] - **Zinc**: Prices may have wide - range fluctuations, and attention should be paid to factors like US tariffs and production [16] - **Lithium Carbonate**: Short - term prices may be strong, but there is no basis for medium - term reversal [17] **Black Commodities** - **Iron Ore**: Prices may be strong in the short term due to demand support and supply - demand imbalances in the medium term [19] - **Steel**: Prices may continue to be volatile and strong in the short term due to supply - demand and cost factors [4][20] - **Coking Coal and Coke**: Prices may rise further in the short term but are likely to peak after late August [21] **Agricultural Products** - **Soybean and Rapeseed Meal**: Prices are expected to be strong in the short term, affected by US soybean conditions and domestic supply [22] - **Oils and Fats**: Palm oil prices may be supported, and the overall market is expected to be in a volatile pattern [23] **Shipping Index** - **Container Shipping to Europe**: The market is in a weak state, and the peak of the seasonal peak season may be approaching [24]

Group 1 - The core viewpoint emphasizes the importance of agricultural modernization, particularly through technological innovation, as highlighted by General Secretary Xi Jinping [6] - The State Council has announced the implementation of the "Rural Road Regulations," which will take effect on September 15, 2025, aimed at improving rural infrastructure [7] - The report indicates that during the "14th Five-Year Plan" period, the level of protection and development capabilities for people with disabilities in China has significantly improved [10] Group 2 - The foreign exchange market in China has shown strong resilience and vitality in the first half of the year, performing better than market expectations [13] - In the first half of the year, new RMB loans amounted to 12.92 trillion yuan, with a significant increase in green loans and support for technology-based small and medium-sized enterprises [17] - The report on the "2024 Water Conservation" indicates an increase in total water usage, while the water consumption per unit of GDP and industrial output has decreased, reflecting improved water-saving levels [20]

Core Viewpoint - The People's Bank of China emphasizes the need to enhance the resilience of the foreign exchange market and stabilize market expectations to prevent excessive fluctuations in the exchange rate, aiming to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [1] Group 1 - The monetary policy committee of the People's Bank of China held its second quarter meeting for 2025 on June 23 [1] - The meeting highlighted the importance of preventing risks associated with exchange rate overshooting [1] - The focus is on maintaining the RMB exchange rate stability within a reasonable and balanced range [1]