Core Insights - The article discusses the phenomenon of "futures-stock linkage," highlighting how futures prices can serve as indicators for stock valuations in related sectors, particularly in industries with clear supply chains and smooth emotional transmission [1][2][3]. Group 1: Industry Performance - The photovoltaic sector has recently rebounded, with polysilicon futures rising over 40% from June 25 to July 18, leading to significant stock price increases for major companies like Longi Green Energy and Tongwei Co., which saw gains of over 7% and 30% respectively [1]. - In the precious metals market, gold futures increased by over 25% this year, with stocks like Shandong Gold and Zhongjin Gold rising approximately 36% and 29% respectively [2]. - The black metal market also exhibited similar trends, with the black industrial chain index rebounding over 7% in early July, positively impacting stocks in the steel and coal sectors [2]. Group 2: Mechanisms of Linkage - The linkage between futures and stocks is more pronounced at the industry level rather than individual stock performance, with futures reflecting supply-demand expectations while stock markets focus on corporate profitability and valuation [3][4]. - The transmission mechanism involves both cost-profit transmission and market expectation dynamics, where futures prices can influence stock prices based on changes in raw material costs and market sentiment [5][6]. Group 3: Investment Strategies - Investors are increasingly adopting cross-market strategies, integrating commodity trading advisors (CTA) and quantitative factors to create a linked strategy system across markets [6][7]. - The article suggests potential investment opportunities in the black metal sector, particularly with anticipated production limits and macroeconomic factors that could influence stock performance [7][8].