近日，私募排排网最新数据显示，自2024年10月初以来，金信期货资产管理部旗下核心产品"金信跃迁 一号资产管理计划"（以下简称为"金信跃迁一号"）在多个周期的多资产策略业绩排名中稳居同类前 三，凭借稳定的收益能力和动态资产配置策略，成为市场关注的焦点。 数据来源：私募排排网 多产品线协同，创新策略持续落地 除金信跃迁系列外，金信资管部已构建三大产品矩阵： 金信基态系列：聚焦全市场套利策略，多次跻身同类产品榜单； 金信玉融系列：通过下投优质私募基金，增强宏观策略配置有效性； 金信狄拉克海系列：首只产品金信狄拉克海一号于7月发行，采用"结构化指增+头部私募中性策略"模 式，在跟踪中证1000指数基础上进一步扩大超额收益，为传统量化指增策略提供替代性选择。 以上系列全部产品均在私募排排网有业绩展示。 宏观博弈策略驱动，业绩与稳定性兼备 作为金信期货资产管理部（以下简称"金信资管部"）的明星产品，金信跃迁一号自2023年8月成立以 来，始终以"宏观博弈"为核心投资理念，基于宏观分析和市场博弈进行资产和策略配置，通过深度分析 宏观经济运行、行业周期演变及资产多空博弈关系，动态调整股票、债券、商品等大类资产配置比例， 并 ...

Report Title - The report is titled "Macro Game, Copper Oscillates" and was produced on August 5, 2025 [1] Investment Rating - Not provided in the given content Core View - The US non - farm payroll data increases the expectation of a September interest rate cut, but there is still uncertainty in the macro game. The fundamental situation is still in a loose logic, but the low domestic inventory limits the downside space. The copper market is oscillating strongly with small recent fluctuations, and attention should be paid to the support at 78,000 yuan/ton [1] Summary by Directory Strategy Analysis - The US July non - farm employment only added 73,000, with the June data significantly revised down to 14,000, and a cumulative downward revision of 258,000 in the past two months. The unemployment rate rose to 4.2%. The probability of a Fed rate cut in September soared from 37.7% to 90%, strengthening the expectation of two rate cuts within the year, yet there are still differences in the market regarding rate cuts, and the US dollar index mainly oscillates [1] - In terms of the domestic fundamentals, the SMM China electrolytic copper output in July increased by 39,400 tons month - on - month and 14.21% year - on - year. The TC/RC fees are still negative but have stopped falling and rebounded. Three smelters have maintenance plans in the third quarter, and currently, smelters can still make up for losses with by - products such as sulfuric acid. Demand is weak in the off - season, and market trading sentiment is tepid. The subsequent tariff on copper semi - finished products may affect export demand. The SHFE inventory is still at a low level and has not significantly accumulated, supporting the price [1] Futures and Spot Market Quotes - **Futures**: The Shanghai copper futures market opened high, then went low and then high, oscillating strongly, closing at 78,580 yuan/ton. The long positions of the top 20 decreased by 3,007 to 102,914 lots, and the short positions decreased by 2,487 to 106,736 lots [4] - **Spot**: The spot premium in East China is 120 yuan/ton, and in South China is - 55 yuan/ton. On August 4, 2025, the LME official price was $9,685/ton, and the spot premium was - $62.5/ton [4] Supply Side - As of August 4, the spot rough smelting fee (TC) was - $41.99/dry ton, and the spot refining fee (RC) was - 4.19 cents/pound [6] Fundamental Tracking - **Inventory**: SHFE copper inventory is 18,767 tons, a decrease of 1,581 tons from the previous period. As of August 4, the copper inventory in the Shanghai Free Trade Zone was 76,000 tons, an increase of 900 tons from the previous period. LME copper inventory was 153,850 tons, a slight increase of 14,275 tons from the previous period. COMEX copper inventory remained unchanged at 261,180 short tons [8]

Group 1 - The core viewpoint of the article highlights the unexpected downturn in U.S. non-farm payroll data, which has led to significant market impacts, particularly a sharp decline in global stock markets [2] - The article suggests that the disappointing non-farm data may indicate deeper underlying market risks that have been previously overlooked [2] - The discussion will be led by Guo Shengbei, founder of GSB Award Fund and former managing director at Deutsche Bank, who will elaborate on seven critical market risks following the non-farm data release [2] Group 2 - The content categories include global financial hotspots, sharing insights on market events and Federal Reserve meetings [4] - The series also features personal anecdotes from Wall Street, bridging economic data with everyday life experiences [4] - Future content previews include macroeconomic strategies for 2025, new opportunities in the commodity market for 2024 and 2025, and interpretations of sovereign fund behaviors on market impacts [4]

Group 1 - The event "2025 Stock Index Futures and Options Strategy Exchange Conference" was held, focusing on the application of stock index futures and options strategies and market outlook [1] - The general manager of Jin Xin Futures emphasized the importance of enhancing professional skills and mastering financial tools to seize opportunities and manage risks in a complex market environment [1] - The conference included discussions on the structure, mechanisms, and practical applications of stock index options, providing a theoretical and practical framework for attendees [1] Group 2 - Jin Xin Futures plans to continue deepening its "research + service" dual-driven strategy to assist investors in building a multi-dimensional risk management system and upgrading asset allocation [2]