Group 1: Report Summary - The report provides investment analysis and operation suggestions for various commodities on August 13, 2025 [2][3] Group 2: Core Views - The Sino-US second - round trade talks extended the tariff exemption clause, and the central political bureau meeting's policy tone was consistent with the previous one, affecting the financial and commodity markets [3] - The inflation in the US remained moderate, boosting the expectation of interest rate cuts, and the US dollar declined, which had an impact on the prices of gold, silver and other commodities [3] Group 3: Variety Analysis and Operation Suggestions Equity Index - The Sino - US joint statement on extending tariff exemptions led to a continued upward trend in the equity index. There was a short - term expectation difference in the market. It was advisable to sell the MO2509 put option with an exercise price around 6400 at high prices and maintain a moderately bullish view [3] Treasury Bonds - The current stage of bond futures was suppressed by the strong performance of equities, and the overall sentiment was weak. Unilateral strategies suggested short - term waiting and focusing on financial data and new bond issuance pricing. Curve strategies could appropriately bet on a steeper yield curve [3] Precious Metals - The macro news increased the volatility of gold prices, but there was still a possibility of a pulse - like rise. A bull spread portfolio could be constructed through gold call options at low prices after the price correction. The silver price was expected to maintain a range - bound shock and still had upward space. A bull spread strategy could be constructed using silver put options at relatively low prices to earn premium income [3] Shipping Index (European Line) - The EC main contract oscillated weakly. It was expected to oscillate weakly, and the idea of shorting at high prices should be maintained [3] Steel and Iron Ore - Steel mills' inventory accumulation was not significant, providing support for steel prices. It was advisable to try to go long on dips. The iron ore shipments decreased and the port inventory and clearance increased, following the steel price fluctuations. It was advisable to go long on dips and short iron ore while going long on coking coal [3] Coking Coal and Coke - The coking coal futures rebounded, and the spot auction was strong. The large - mine long - term agreement price increased. It was advisable to go long on dips. The sixth round of price increases for mainstream coking plants was launched, and there was still an expectation of further increases. It was advisable to go long on dips [3] Non - ferrous Metals - The expectation of interest rate cuts improved, and the copper price strengthened slightly. The main contract reference range was 78,000 - 80,000. The market priced in a higher probability of interest rate cuts in September due to the slowdown of US inflation. The zinc price main contract reference range was 22,000 - 23,000. For tin, it was necessary to pay attention to the import situation from Myanmar and maintain a wait - and - see attitude [3] Energy and Chemicals - The oil price was mainly oscillating in the short term. It was advisable to wait and see unilaterally and expand the spread between October - November/December. For PX, it was treated as an oscillation in the range of 6600 - 6900 and expand the PX - SC spread at low levels. For PTA, it was oscillating in the short term in the range of 4600 - 4800. For short - fiber, it was oscillating in the range of 6300 - 6500 [3] Agricultural Products - The US soybean export expectation improved. It was advisable to hold long positions in RM509. The palm oil was expected to have a large - amplitude shock after a strong upward rush, and the main contract might hit 9500. The overseas sugar supply outlook was relatively loose, and it was advisable to reduce the previous high - level short positions [3] Special Commodities - The glass industry was in a negative feedback process, and it was advisable to hold short positions. The rubber raw material price strengthened due to more rainfall in Thailand, and it was necessary to pay attention to the raw material supply during the peak season and maintain a wait - and - see attitude [3] New Energy Commodities - The polysilicon was oscillating downward with the increase of warehouse receipts. The lithium carbonate was affected by more news disturbances, and it was advisable to be cautious and wait and see [3]

Report Industry Investment Rating No relevant content provided. Core View of the Report - IC2507 has a discount of 51.11 points, and IM2507 has a discount of 64.79 points, indicating a bearish signal. The US bombed Iranian nuclear facilities on Sunday, and the market should closely monitor Iran's response. Short - term uncertainties may decrease, with oil prices opening high and closing low. The market corrected last week due to uncertainties between Israel and Iran, and market hotspots decreased. The margin trading balance is 1809.1 billion yuan, a decrease of 7.5 billion yuan, also a bearish signal. IH2507 has a discount of 36.92 points, and IF2507 has a discount of 42.24 points, showing a neutral situation. The main contracts are ranked as IM>IC>IF>IH, and IH, IF, IM, IC, and IF are below the 20 - day moving average, indicating a bearish trend. The long positions of IH main contracts decreased, those of IF main contracts increased, and those of IC main contracts decreased, showing a bullish signal. The US bombing of Iranian nuclear facilities and limited benefits from the Lujiazui Forum, along with global stock market adjustments, have increased the upward pressure on domestic indices, leading to a weak adjustment of the indices [3]. Summary by Relevant Catalogs Futures Market - **Index Contract Information**: Details of contracts such as IH, IF, IC, and IM including contract prices, price changes, trading volumes, index prices, price - to - earnings ratios, price - to - book ratios, dividend yields, spreads, discount ratios, annualized discounts, contract values, delivery dates, and remaining terms are provided [4]. - **Base and Spread Charts**: Charts of the base and spread of the Shanghai Stock Exchange 50 and CSI 500 are presented, with data sourced from Wind Information and organized by Dayue Futures [7][10]. Spot Market - **Important Index Daily Price Changes**: The daily price changes of important indices such as the Shanghai Composite Index, Shanghai Stock Exchange 50, CSI 300, etc. are shown [13]. - **Style Index Daily Price Changes**: The daily price changes of style indices such as the 300 - cycle index, 300 - non - cycle index, etc. are presented [16][19]. Market Structure - **AH Share Premium**: A chart of the Hang Seng AH Premium Index is provided, showing the premium situation of AH shares [23]. - **Price - to - Earnings Ratio (PE)**: A chart of the PE (TTM) of the Shanghai Stock Exchange 50, CSI 300, CSI 500, and ChiNext Index is presented [26]. - **Price - to - Book Ratio (PB)**: A chart of the PB of the Shanghai Stock Exchange 50, CSI 300, CSI 500, and ChiNext Index is provided [28]. Market Capital - **Stock Market Capital Inflow**: A chart of the capital inflow into the A - share market and the CSI 300 is presented [30]. - **Margin Trading Balance**: A chart of the margin trading balance and the CSI 300 is provided [32]. - **Northbound Capital Inflow**: A chart of the net inflow of northbound capital is presented [34]. - **Stock Unlock**: Although mentioned, no specific content is provided [36]. - **Capital Cost**: A chart of SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week rates is presented [40]. Market Sentiment - **Trading Activity**: Charts of the turnover rates (based on free - floating market value) of the Shanghai Stock Exchange 50, CSI 300, CSI 500, and ChiNext Index are provided [43][46]. - **Public - Offering Hybrid Fund Positions**: Although mentioned, no specific content is provided [48]. Other Indicators - **Dividend Yield and Treasury Yield**: A chart of the dividend yields of index futures and the 10 - year treasury bond yield is presented [52]. - **Exchange Rate**: A chart of the US dollar - to - RMB exchange rate is provided [54]. - **New Account Openings and Index Tracking**: Although mentioned, no specific content is provided [55]. - **Newly Established Fund Sizes**: Charts of the newly established sizes of stock - type, hybrid, and bond - type funds are mentioned, but no specific content is provided [57][59][61].