Core Viewpoint - The article promotes a series of macroeconomic training sessions organized by Huachuang Macro, scheduled from August 20 to September 6, focusing on various aspects of the economy and financial markets [1][5]. Summary by Sections Training Series Overview - The training sessions will occur daily at 15:30, covering a range of topics related to macroeconomic insights and financial analysis [5][6]. Session Topics and Speakers - **Session 1 (Aug 20)**: Insights into macro "big" directions - Five major concerns, presented by Zhang Yu, Deputy Director of Huachuang Research Institute [8]. - **Session 2 (Aug 21)**: Examination of the "new" economic structure - Ten structural changes, led by Lu Yinbo, Deputy Head of Huachuang Macro Group [8]. - **Session 3 (Aug 22)**: Analysis of deposit migration trends - Three key directions regarding deposits, by Wen Ruoyu, Senior Analyst at Huachuang Macro [8]. - **Session 4 (Aug 25)**: Navigating low interest rate challenges - Optimal solutions in a low-rate environment, presented by Yin Wenqing, Senior Analyst [8]. - **Session 5 (Aug 26)**: Discussion on fiscal "clever" correlations - Ten experiential rules, led by Gao Tuo, Senior Analyst [8]. - **Session 6 (Aug 27)**: Clarifying local fiscal and tax accounts - Local fiscal mechanisms, presented by Yuan Lingling, Assistant Analyst [8]. - **Session 7 (Aug 28)**: Tracking subtle policy changes - Policy observation guide [8]. - **Session 8 (Aug 29)**: Analysis of the US political landscape - Insights into the Democratic and Republican parties, by Fu Chunsheng, Analyst [10]. - **Session 9 (Sep 1)**: Comprehensive export analysis - Multi-dimensional export scanning, led by Xia Xue, Assistant Analyst [10]. - **Session 10 (Sep 2)**: Understanding new dynamics in supply-side reforms - New directions in supply-side reforms, presented by Lu Yinbo [10]. - **Session 11 (Sep 3)**: Logical performance of assets - Review of supply-side reform outcomes, by Fu Chunsheng [10]. - **Session 12 (Sep 4)**: Monitoring exchange rate trends - In-depth exchange rate analysis, led by Xia Xue [10]. - **Session 13 (Sep 5)**: Understanding the reconstruction of order - Strategic multi-gold insights, presented by Li Xingyu, Analyst [10]. - **Session 14 (Sep 6)**: Final session details not specified [12].

Group 1 - The latest stock price of Baiyin Nonferrous is 3.32 yuan, up 0.30% from the previous trading day, with a trading volume of 735,745 hands and a transaction amount of 243 million yuan [1] - Baiyin Nonferrous is a key state-owned enterprise in Gansu Province, primarily engaged in the mining, smelting, processing, and trading of nonferrous metals such as copper, lead, and zinc [1] - The company plays a significant role in the nonferrous metal industry in Northwest China, with important positions in industrial chain layout and technological innovation [1] Group 2 - Gansu Province's state-owned enterprises have achieved significant results in technological innovation, with industrial R&D investment increasing by 11.99% year-on-year in the first half of the year [1] - Baiyin Nonferrous has five technological achievements that have reached international advanced levels and has led the establishment of the province's first copper industry chain party committee [1] - The company has made breakthroughs in key projects such as ultra-fine electromagnetic wire and lithium battery copper foil through a "chain thinking" approach to integrate party building with industry [1] Group 3 - On July 29, Baiyin Nonferrous saw a net inflow of main funds amounting to 4.5434 million yuan, accounting for 0.02% of its circulating market value, indicating an increase in market attention towards the company [1]

Core Viewpoint - The CEO of CME Group stated that the market has demonstrated significant resilience amid policy changes [1] Group 1 - The market's ability to adapt to changing policies indicates a strong underlying strength [1] - CME Group's leadership emphasizes the importance of monitoring market reactions to policy shifts [1]

Report Industry Investment Ratings - Thread: ★★★ [1] - Hot Rolled Coil: ★★★ [1] - Iron Ore: ★★★ [1] - Coke: ★★★ [1] - Coking Coal: No rating provided [1] - Silicon Manganese: ★☆☆ [1] - Silicon Ferroalloy: ★☆★ [1] Core Views - The overall demand for steel is weak, the market sentiment is cautious, and the futures market is under pressure [2] - The short - term supply - demand contradiction of iron ore is limited, and it is expected to fluctuate [3] - Coke and coking coal prices may have upward drivers, but are affected by factors such as oil prices [4][6] - The fundamentals of silicon manganese have limited improvement, and the market temporarily expects a short - term rise [7] - The demand for silicon ferroalloy is acceptable, and the market temporarily expects a short - term rise [8] Summary by Related Catalogs Steel - The futures market is weakly volatile. The demand for thread in the off - season is under pressure, the production has increased, and the inventory reduction has slowed down. The demand for hot - rolled coil is resilient, the production remains high, and the inventory has decreased [2] - The blast furnace still has profits, and the molten iron production remains relatively high. However, the off - season carrying capacity is insufficient, and the negative feedback expectation still ferments repeatedly [2] - The downstream demand is weak, the demand expectation is pessimistic, and the market is cautious. Pay attention to terminal demand and policy changes [2] Iron Ore - The global shipment of iron ore is at a high level, and there is an expectation of a year - end rush. The port inventory in China has begun to stabilize and increase, and the supply pressure has increased marginally [3] - In the off - season, the terminal demand has resilience, the steel mill profitability rate has improved, the molten iron production remains high, and the steel mills have weak willingness to actively reduce production and have short - term replenishment actions [3] - The short - term supply - demand contradiction is limited, and the trend is expected to be volatile [3] Coke - The price has risen significantly during the day, and there is an expectation of a price increase in the market [4] - The daily production of molten iron has increased slightly to 242.18 tons per day. The coke profit is meager, and the daily production of coking has continued to decline from the annual high [4] - The overall coke inventory has decreased, and the purchasing willingness of traders is still low. The coke price is affected by oil price fluctuations, and there may be an upward driver [4] Coking Coal - The price has risen significantly during the day. Policy may strengthen the control of over - production, which may affect production [6] - The production of coking coal mines has continued to decline. Due to the safety production month and environmental inspections, some mines have reduced production [6] - The spot auction market has improved slightly, the transaction price has risen slightly, and the terminal inventory has continued to decline. The coking coal price is affected by the sharp decline in oil prices and may be strongly volatile [6] Silicon Manganese - The price volatility has increased during the day. Due to previous continuous production cuts, the inventory level has decreased, but the weekly production has begun to increase, and the fundamentals have limited improvement [7] - Pay attention to the August forward price of South32 to China. In the short term, the manganese ore inventory is low, and the price of Comilog oxidized ore has risen slightly [7] - The trading logic of the futures market changes rapidly, and it is temporarily bullish in the short term [7] Silicon Ferroalloy - The price has fluctuated upward during the day. The molten iron production has risen above 242, the export demand is about 30,000 tons, and the marginal impact is small [8] - The production of magnesium metal has increased month - on - month, the secondary demand remains high, and the overall demand is acceptable [8] - The supply of silicon ferroalloy has continued to decline, the market transaction level is average, and the inventory has decreased. Some production is in cash - flow loss, which is conducive to inventory reduction, and it is temporarily bullish in the short term [8]

光大期货金融期货日报 | 债市关注点再度回归资金面变化。受到同业存单到期压力较大、政府债发行 | | | --- | --- | | 继续放量影响，市场对 | 6 月资金面阶段性收紧担忧有所增加。上周四央行提 | | 前公布 | 3 个月期买断式逆回购操作量净投放 5000 亿元，市场资金面担忧明 | | 显缓解，债市呈现小幅牛陡走势。短期来看，资金面紧张预期走弱，债市有 | | | 望偏强震荡。 | | 光大期货金融期货日报 光大期货金融期货日报（2025 年 06 月 11 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场多数指数回调，Wind 全 A 下跌 0.68%，成交额 1.45 万亿元。 | | | | 中证 1000 指数下跌 0.92%，中证 500 指数下跌 0.82%，沪深 300 指数下跌 | | | | 0.51%，上证 50 指数下跌 0.39%。指数午盘后快速下跌，之后回升企稳，TMT | | | | 板块回调明显。自 6 月以来，中国资产表现偏强，股债齐升，计价 6 月可能 | | | | 存在的政策变化。其 ...

花旗集团财富业务部门首席投资官Kate Moore：公司无法立即适应政策变化。经济在关税出台之前就已 经开始放缓。 ...