1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - The sharp rise in coking coal 2601 today is due to multiple factors, and investors should pay close attention to fundamentals and policy dynamics, treating it with a bias towards more in a volatile market [3][4]. - The year - on - year increase of 3.5% in China's goods trade imports and exports in the first 7 months is positive for A - shares, and in the short - term, the market will mainly fluctuate upwards at a high level [7]. - The July non - farm payroll data indicates that the probability of a September interest rate cut in the US has increased, which is positive for gold, and currently, it is in a short - term small - range platform oscillation [11]. - The iron ore market has strong fundamental support, and a low - buying strategy should be maintained [15][16]. - The supply - demand situation of glass has slightly improved, and the main driver is the improvement of the macro - environment. A low - buying strategy after stabilization is recommended [19][20]. - Alumina has high volatility, and a low - buying strategy on dips should be maintained [22]. 3. Summary by Relevant Catalogs 3.1 Coking Coal - Supply: Some coal mines in production areas have reduced output due to accidents, safety inspections, and environmental inspections. The resumption of production in some coal mines in Shanxi Lvliang is slow, and Mongolian coal imports are affected by port closures [4]. - Demand: The steel industry has good profitability, with a comprehensive profitability rate of nearly 60%. High daily hot metal production supports the demand for coking coal, and the replenishment demand of coking enterprises and steel mills further drives up prices [4]. - Policy: The implementation of the new "Mineral Resources Law", the expected anti - involution work plan of the Ministry of Industry and Information Technology, and the price increase of coke by industry associations have also driven up coking coal prices [4]. - Outlook: If the over - production verification of coal mines is strictly implemented, the supply is expected to continue to shrink, and if demand remains the same, the price of coking coal 2601 is expected to remain strong. However, if Mongolian coal imports increase significantly or the hot metal production of steel mills peaks and falls, the upward trend will be under pressure [4]. 3.2 A - shares - Market performance: The three major A - share indexes opened higher in the morning, then冲高回落, and the Shanghai Composite Index rebounded in the afternoon and closed with a red doji [8]. - Driving factor: The year - on - year increase of 3.5% in China's goods trade imports and exports in the first 7 months is positive for A - shares [7]. - Operation strategy: In the short - term, it will mainly fluctuate upwards at a high level [7]. 3.3 Gold - Driving factor: The July non - farm payroll data is significantly lower than expected, especially the significant downward revision of May and June data, indicating that the US economy is not as strong as expected, and the probability of a September interest rate cut has increased, which is positive for gold [11]. - Market condition: The weekly adjustment is relatively sufficient, and it is in a short - term small - range platform oscillation [11]. 3.4 Iron Ore - Fundamental support: The improvement of steel mill profitability has maintained a high level of hot metal production, and the overall fundamental support is strong. Under the anti - involution sentiment, the state of the black industrial chain is relatively healthy, showing a resonance upward trend [15][16]. - Operation strategy: Maintain a low - buying strategy [15]. 3.5 Glass - Supply - demand situation: 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 [20]. - Driving factor: The main driver is the improvement and continuous strengthening of the macro - environment under the expectation of domestic economic recovery [19]. - Operation strategy: The lower support is effective, and a low - buying strategy after stabilization is recommended [19]. 3.6 Alumina - Market characteristic: It has high volatility due to continuous themes and high capital enthusiasm [22]. - Event: EGA condemned the Guinea government for revoking the GAC mining license [22]. - Operation strategy: Maintain a low - buying strategy on dips [22].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The sharp rise of coking coal 2601 is due to multiple factors, and investors should pay close attention to fundamentals and policy dynamics, treating it with a bullish bias in a volatile market [3][4] - A-share margin trading balance has returned to 2 trillion, and in the short term, it is mainly in a high-level volatile upward trend [7][8] - The weak July non - farm payrolls data and downward revisions of May and June data increase the probability of a September interest rate cut in the US, which is positive for gold, and currently, it is in a short - term sideways consolidation [11] - Iron ore has strong fundamental support and is in a co - upward trend. Maintain a low - buying strategy [15][16] - The supply - demand situation of glass has slightly improved, and when it pulls back to the short - term support level, consider a low - buying strategy after stabilization [19][20] - Alumina has continuous themes and high capital enthusiasm, with high long - term volatility. Maintain a low - buying strategy [22] 3. Summary by Related Catalogs Coking Coal - Supply: Some coal mines in production areas have reduced output due to accidents, safety inspections, and environmental inspections. The resumption of production in some coal mines in Shanxi Lvliang is slow, and Mongolian coal imports are affected by port closures [4] - Demand: The steel industry has good profitability, with a nearly 60% comprehensive profit rate for steel mills. The daily average pig iron output is at a high level, and the replenishment demand of coking enterprises and steel mills further drives up prices [4] - Policy: The implementation of the new "Mineral Resources Law", the expected anti - involution work plan of the Ministry of Industry and Information Technology, and the price increase of coke by industry associations have also driven up coking coal prices [4] - Outlook: If strict production over - inspection is carried out, the supply is expected to continue to shrink. If demand remains the same, the price of coking coal 2601 is expected to remain strong. However, if Mongolian coal imports increase significantly or pig iron output peaks and falls, the upward trend will be under pressure [4] Stock Index Futures - Market performance: A - share three major indexes opened lower and closed higher, with all closing with mid -阳线. The margin trading balance has returned to 2 trillion after ten years [7][8] - Operation suggestion: In the short term, it is mainly in a high - level volatile upward trend [7] Gold - Fundamental factors: The weak July non - farm payrolls data and downward revisions of May and June data indicate that the US economy is not as strong as expected, increasing the probability of a September interest rate cut, which is positive for gold [11] - Technical analysis: Currently, the weekly adjustment is relatively sufficient, and it is in a short - term sideways consolidation [11] Iron Ore - Fundamental support: Steel mills' profitability has improved, pig iron output remains high, and the overall fundamentals are strongly supportive. Under the anti - involution sentiment, the black industrial chain is in a healthy state [15][16] - Technical analysis: There was a slight adjustment today, and maintain a low - buying strategy [15] Glass - Supply - demand situation: The supply - demand situation has slightly improved, and factory inventories have significantly declined, but the recovery of terminal deep - processing orders is still weak [20] - Driving factors: The main driving factor is the improvement and continuous strengthening of the macro - environment under the expectation of domestic economic recovery [19] - Operation suggestion: When it pulls back to the short - term support level, consider a low - buying strategy after stabilization [19] Alumina - Characteristics: As a "mineral with stories", it has continuous themes and high capital enthusiasm, and its futures have high long - term volatility [22] - Event: EGA condemned the Guinean government for revoking the GAC mining license [22] - Operation suggestion: Maintain a low - buying strategy [22]

Report Overview - The report is the daily journal of Goldtrust Futures, dated August 6, 2025, and written by the Goldtrust Futures Research Institute [1] Industry Investment Rating - No relevant content provided Core Viewpoints - For coking coal, if the strict implementation of over - production verification in coal mines continues, and demand remains stable, the price of coking coal 2601 is expected to stay strong. However, if Mongolian coal imports increase significantly or steel mill hot metal production peaks and declines, the price increase will face pressure. Investors should pay close attention to fundamentals and policy dynamics and treat it with a bullish bias in a volatile market [3] - For A - shares, with 1.96 million new accounts opened, a year - on - year increase of 70.5%, it is a positive factor. In the short term, the market is expected to fluctuate upwards at a high level [6] - For gold, the July non - farm payroll data was significantly lower than expected, especially the significant downward revision of May and June data, indicating that the US economy is not as strong as expected. The probability of a September interest rate cut has increased, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it will make a small - scale sideways movement in the short term [10] - For iron ore, with the improvement of steel mill profitability, hot metal production remains high, and the overall fundamental support is strong. Under the anti - involution sentiment, the black industry chain is in a healthy state, showing a resonance upward trend. Technically, after three consecutive days of rising, the strategy is to buy on dips [14][15] - For glass, the supply - demand situation has improved slightly with a significant decline in factory inventory, but the recovery of terminal deep - processing orders is still weak. The main driver of the recent market is the improvement and continuous strengthening of the macro - environment under the expectation of domestic economic recovery. Technically, when it pulls back to the short - term support level, consider buying on stabilization [18][19] - For palm oil, currently in the overseas production area's peak season, the inventory of Malaysian palm oil increased significantly in June, and Reuters survey shows that the inventory may continue to grow in July. The production and inventory pressure in major foreign producing areas still exist, which may limit the upward momentum of the market as time goes on [20] Summary by Directory Hot Focus - Coking Coal - Supply: Some coal mines in production areas have reduced output due to underground accidents, safety inspections, and environmental inspections. For example, the resumption of production in some coal mines in Lvliang, Shanxi is slow, and Mongolian coal imports are affected by port closures, leading to a tightening of supply [3] - Demand: The steel industry has good profitability, with the comprehensive profitability rate of steel mills close to 60%. The daily average hot metal production is at a high level, which strongly supports the demand for coking coal. The replenishment demand of coking enterprises and steel mills further drives up the price [3] - Policy: The implementation of the new version of the Mineral Resources Law, the expectation of the Ministry of Industry and Information Technology's anti - involution work plan, and the price increase of coke by industry associations have also driven up the coking coal price [3] Technical Analysis - Stock Index Futures - New accounts opened in the A - share market reached 1.96 million, a year - on - year increase of 70.5%, which is a positive factor. The short - term operation strategy is a high - level upward fluctuation [6] Technical Analysis - Gold - The July non - farm payroll data was significantly lower than expected, and the data for May and June were significantly revised downwards, increasing the probability of a September interest rate cut in the US, which is positive for gold. The weekly adjustment is relatively sufficient, and it will move sideways in the short term [10] Technical Analysis - Iron Ore - Fundamental: With the improvement of steel mill profitability, hot metal production remains high, and the overall fundamental support is strong. Under the anti - involution sentiment, the black industry chain is in a healthy state [14][15] - Technical: After three consecutive days of rising, the strategy is to buy on dips [14] Technical Analysis - Glass - Supply - demand: The supply - demand situation has improved slightly, with a significant decline in factory inventory, but the recovery of terminal deep - processing orders is still weak [18][19] - Market driver: The main driver is the improvement and continuous strengthening of the macro - environment under the expectation of domestic economic recovery. Technically, buy on stabilization when it pulls back to the short - term support level [18][19] Technical Analysis - Palm Oil - Supply: Currently in the overseas production area's peak season, the inventory of Malaysian palm oil increased significantly in June, and it may continue to grow in July. The production and inventory pressure in major foreign producing areas still exist, which may limit the upward momentum of the market [20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The sharp rise of coking coal 2601 futures today is due to multiple factors. If the strict implementation of over - production verification in coal mines continues to shrink supply and demand remains stable, the price of coking coal 2601 is expected to remain strong. However, if Mongolian coal imports increase significantly or steel mill hot metal production peaks and declines, the price increase will face pressure. Investors should pay close attention to fundamentals and policy dynamics and treat it with a bias towards more in a volatile market [3][4]. - Starting from August 8th, the taxation of interest income from treasury bonds and other securities is overall positive for A - shares, and in the short - term, it will mainly show high - level fluctuations [7]. - The significantly lower - than - expected July non - farm payrolls data, especially the large downward revision of May and June data, indicates that the US economy is not as strong as expected, increasing the probability of a September interest rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it will show small - scale fluctuations in the short - term [11]. - In the context of stable demand and falling port inventories, the iron ore futures price rose slightly on Monday. However, the expected increase in supply restricts the upward trend, and the overall market shows a pattern of more - biased supply - demand game [15][16]. - In the short - term, domestic and foreign orders for glass are average, and the operating rate of downstream component enterprises remains low. With the slowdown of stocking, local transactions are weakening. Overall, local supply and demand have slightly improved, and the price shows an upward trend, but the increase should be treated with a bias towards more in a volatile market [19][20]. - The new US renewable fuel policy increases the use of soybean oil in biodiesel production, driving Chicago soybean oil to a contract high. Coupled with the strong rise of Dalian edible oil futures, it will help the early - morning performance of Malaysian crude palm oil futures. However, weak Malaysian palm oil exports may limit the upward momentum of the market [23]. 3. Summary by Related Catalogs Coking Coal - Supply: Some coal mines in production areas have reduced output due to underground accidents, safety inspections, and environmental inspections. For example, the resumption of production in some coal mines in Lvliang, Shanxi is slow, and Mongolian coal imports are affected by port closures, leading to tightened supply [4]. - Demand: The steel industry has good profitability, with the comprehensive profitability rate of steel mills close to 60%, and the daily average hot metal output is at a high level, which strongly supports the demand for coking coal. The replenishment demand of coking enterprises and steel mills further drives up the price [4]. - Policy: The implementation of the new version of the Mineral Resources Law, the expected anti - involution work plan of the Ministry of Industry and Information Technology, and the price increase of coke by industry associations also drive up the price of coking coal [4]. A - shares - Policy impact: Starting from August 8th, the taxation of interest income from treasury bonds and other securities is overall positive for A - shares, and the short - term trend is high - level fluctuations [7]. Gold - Economic data impact: The significantly lower - than - expected July non - farm payrolls data, especially the large downward revision of May and June data, indicates that the US economy is not as strong as expected, increasing the probability of a September interest rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it shows small - scale fluctuations in the short - term [11]. Iron Ore - Market situation: In the context of stable demand and falling port inventories, the iron ore futures price rose slightly on Monday. However, the expected increase in supply restricts the upward trend, and the overall market shows a pattern of more - biased supply - demand game [15][16]. Glass - Short - term situation: Domestic and foreign orders are average, and the operating rate of downstream component enterprises remains low. With the slowdown of stocking, local transactions are weakening. Overall, local supply and demand have slightly improved, and the price shows an upward trend, but the increase should be treated with a bias towards more in a volatile market [19][20]. Palm Oil - Positive factors: The new US renewable fuel policy increases the use of soybean oil in biodiesel production, driving Chicago soybean oil to a contract high. Coupled with the strong rise of Dalian edible oil futures, it will help the early - morning performance of Malaysian crude palm oil futures [23]. - Negative factors: Weak Malaysian palm oil exports may limit the upward momentum of the market [23].