来源：张志专栏 隔夜消息面满天飞，受影响最大的要数国际油价了。 贵金属方面， 昨天有一条消息引发市场关注，据媒体报道，上海期货交易所相关仓库的黄金库存已跃升至历史新高，超过36吨金条/块已注册用于期货合约交 割，这一数量在过去一个月内几乎翻倍。库存激增主要源于期货需求强劲推动的套利交易热潮。 美国总统TRUMP称，特使威特科夫当天和俄罗斯总统的会晤"取得了重大进展"，将在未来几天和几周内为结束俄乌战争努力，与小泽和普丁举行 峰会的可能性较大。但保留了针对俄油进一步采取惩罚性措施的可能。白宫称俄方表达了同特朗普会面的愿望。 大量黄金被注册进交割库，意味着市场上可交割的实物黄金供给增加，如果未来有大量期货合约到期交割，将增加市场短期内的实际黄金供应， 从而 抑制价格上涨 ，属于偏利空信号；但中长期黄金走势仍取决于宏观环境、利率政策与避险需求，库存变化本身并不决定黄金大趋势。 于此同时，老特还签署了一项行政命令，将印度石油关税提高一倍至50%，新的税率将于21天内生效。 他还声称对另一个购买俄石油的国家征收关税。 一方面跟卖家会谈，一方面打压买家的，这油价就直接崩了。国际原油连续第五个交易日走低。WTI原油失守64 ...

Industry Investment Rating - No information provided Core Viewpoints - The U.S. President Trump signed an executive order to impose an additional 25% tariff on goods from India, making the total tariff rate reach 50%, and will impose about 100% tariff on chips and semiconductors [1] - By 2027, China will complete the new construction and reconstruction of 300,000 kilometers of rural roads, and the rate of bus service in administrative villages will reach over 55% [1] - In July, the retail sales of the national passenger car market reached 1.834 million units, a year - on - year increase of 7%, among which the new energy market had retail sales of 1.003 million units, a year - on - year increase of 14%, and the retail penetration rate of the new energy market was 54.7% [1] - The gold inventory in relevant warehouses of the Shanghai Futures Exchange has reached a record high, with more than 36 tons of gold bars registered for futures contract delivery, almost doubling in the past month [2] Summary by Directory Hot News - The U.S. President Trump signed an executive order to impose an additional 25% tariff on Indian goods, and the new tariff will take effect in 21 days, while the first - round 25% tariff will take effect this Thursday. He also plans to impose about 100% tariff on chips and semiconductors, but companies building factories in the U.S. are exempted [1] - Three Chinese ministries issued a plan to complete 300,000 kilometers of new and reconstructed rural roads by 2027 and achieve a bus service rate of over 55% in administrative villages [1] - The China Photovoltaic Industry Association solicited opinions on the draft amendment of the Price Law [1] - In July, the national passenger car market retail sales and new energy market retail sales increased year - on - year, and the new energy market retail penetration rate was 54.7% [1] - The gold inventory in Shanghai Futures Exchange warehouses reached a record high due to strong futures demand and arbitrage trading [2] Key Focus - Key commodities to focus on are urea,焦煤, silicon iron, crude oil, and PVC [3] Night - session Performance - Non - metallic building materials rose 2.83%, precious metals 27.74%, oilseeds 12.68%, non - ferrous metals 20.74%, soft commodities 2.51%, coal - coking - steel - ore 14.98%, energy 3.15%, chemicals 11.45%, grains 1.18%, and agricultural and sideline products 2.74% [3] Asset Performance - In the equity category, the Shanghai Composite Index rose 0.45% daily, 1.70% monthly, and 8.42% in the past year; in the fixed - income category, the 10 - year treasury bond futures had a daily change of 0.00%, monthly change of 0.06%, and a - 0.34% change in the past year; in the commodity category, the CRB commodity index had a daily change of - 0.07%, monthly change of - 2.22%, and - 1.21% change in the past year; other assets like the U.S. dollar index had a daily change of - 0.54%, monthly change of - 1.83%, and - 9.46% change in the past year [6]