Report Industry Investment Ratings No information provided on industry investment ratings. Core Viewpoints of the Report - The upcoming Sino-US business talks in Malaysia and Trump's softened signals are expected to boost market risk appetite, but market trading volume has not increased, and short - term market will remain volatile at high levels [2]. - Various commodity futures have different trends and investment suggestions based on their respective supply - demand situations, policy expectations, and external factors. Summary by Related Catalogs Equity Index Futures - Market is expected to be volatile at high levels in the short term, not advisable to chase high. One can try to sell out - of - the - money put options at support levels or construct bull call spreads [2]. Treasury Bond Futures - The trend is volatile, waiting for new policy guidance. Unilateral strategies should be on the sidelines, and positive arbitrage strategies can be considered due to the rebound of IRR [2]. Precious Metals - Gold has stabilized above $4000 and may enter a consolidation phase. A strategy of selling out - of - the - money option straddles is recommended. Silver has stabilized near the support level of $47 [2]. Container Shipping Index Futures - The main contract is oscillating upwards, and it is recommended to buy on dips for the December contract [2]. Steel and Iron Ore - Steel prices are following coal prices. Unilateral strategies should be on the sidelines, and operations such as long coking coal and short hot - rolled coils can be considered [2]. Non - ferrous Metals - Copper prices are rising due to the improvement of risk appetite. Other non - ferrous metals have different trends and price ranges, with corresponding investment suggestions [2]. Energy and Chemicals - Crude oil prices are rebounding, but there is long - term supply pressure. Different chemical products have various supply - demand situations and investment strategies [2]. Agricultural Products - Different agricultural products have different trends, such as soybeans, hogs, and corn, with corresponding support or pressure levels and investment suggestions [2]. Special and New Energy Commodities - Glass and rubber have their own price trends and investment strategies. New energy commodities like polysilicon and lithium carbonate also have specific trends and reference price ranges [2].

Core Viewpoint - Allianz Global Investors suggests that the Bank of Japan is unlikely to provide strong policy guidance in its upcoming meeting, maintaining a flexible communication approach [1] Summary by Relevant Sections - **Monetary Policy Outlook** - The Bank of Japan is expected to keep its policy interest rate unchanged while avoiding the impression of a completely stagnant policy [1] - **Market Focus** - Attention will be on Governor Kazuo Ueda's assessment of the changing risk environment [1] - **External Factors** - The US-Japan trade agreement has alleviated a key source of external uncertainty, but domestic political risks in Japan have increased [1] - **Global Economic Concerns** - There are ongoing worries regarding global economic growth, as only a few countries have finalized trade agreements [1]

1. Report Industry Investment Ratings - Soybeans (Domestic): ☆☆☆ [1] - Soybean Oil: ☆☆☆ [1] - Palm Oil: ☆☆☆ [1] - Soybean Meal: ☆☆☆ [1] - Rapeseed Meal: ☆☆☆ [1] - Rapeseed Oil: ☆☆☆ [1] - Corn: ☆☆☆ [1] - Live Pigs: ☆☆☆ [1] - Eggs: ☆☆☆ [1] 2. Core Views - For soybeans and related products, pay attention to Sino - US trade negotiations and weather conditions. In the short - term, soybean and soybean meal markets are volatile, and a wait - and - see approach is recommended before the tariff and weather issues are clear. For soybean oil and palm oil, maintain a strategy of buying on dips. Be cautious about the situation of stronger oil and weaker meal in the fourth quarter [2][3][4]. - Rapeseed products are in a weak oscillation state, and the downward space of rapeseed meal is limited. Focus on economic and trade prospects and production area weather [6]. - Corn futures may continue to oscillate weakly. Keep an eye on the supply in the circulation link and the inventory of old grain [7]. - For eggs, near - month futures are weak, while far - month contracts for next year's first half are strong. Be cautious about the pressure of cold - stored eggs leaving the warehouse [9]. 3. Summary by Product Categories 3.1 Soybeans - Domestic soybeans' main contract has a narrow - range oscillation this week, with prices remaining relatively strong. The domestic soybean spot is stable. Pay attention to the Sino - US trade negotiation next week and the short - term waterlogging risk in the northern production areas. The overall weather risk in the US soybean production areas from late July to early August is low [2]. 3.2 Soybean & Soybean Meal - Dalian soybean meal futures continue to oscillate downward. The third - round Sino - US trade talks may yield results next week. The US soybean production areas will have slightly more rainfall than normal in the next two weeks, and there will be high - temperature and then cooling processes in the central and southeastern regions. Before the tariff and weather issues are clear, treat the soybean meal market as oscillatory [3]. 3.3 Soybean Oil & Palm Oil - Palm oil has a significant reduction in positions at a phased high, and the price drops. Pay attention to the Sino - US trade negotiation next week. The vegetable oil price is affected by the macro - situation, and the capital fluctuation is large at the phased high. Although the short - term supply - demand data of Malaysian palm oil is weak, the data of Indonesia is more optimistic, and the prices of international sunflower oil, palm kernel oil, and coconut oil are strong, which boosts palm oil. Maintain a strategy of buying soybean oil and palm oil on dips. Be cautious about the situation of stronger oil and weaker meal in the fourth quarter [4]. 3.4 Rapeseed Meal & Rapeseed Oil - Rapeseed products are mainly in a weak oscillation state with a small fluctuation range. The weather in the Canadian rapeseed production area has improved, and the fund's net long position continues to decline. The domestic rapeseed demand is expected to slow down, but the downward space of rapeseed meal is limited due to the seasonal support of aquatic feed and the expected low import of rapeseed in the third quarter [6]. 3.5 Corn - Corn futures continue to oscillate weakly. The auction of imported corn by China Grain Reserves Corporation has a 28% transaction rate. The US corn is growing well. The domestic corn market has no major contradictions, and the Dalian corn futures may continue to oscillate weakly [7]. 3.6 Live Pigs - The text about live pigs mainly mentions the situation of corn futures. There is no specific information about live pigs in the provided content [8]. 3.7 Eggs - Near - month egg futures are weak, while far - month contracts for next year's first half are strong due to the expected price reversal after capacity reduction. The spot price is stable across the country, and it is necessary to be cautious about the pressure of cold - stored eggs leaving the warehouse [9].