1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The Shanghai copper main contract shows a volatile trend, with a decrease in open interest, a spot discount, and a weakening basis. The copper concentrate TC spot index has reached a new low, increasing the expectation of a tight ore supply. Overseas geopolitical situations affect economic growth expectations, putting downward pressure on copper prices. Smelters maintain a high production level. As copper prices decline, the upstream's willingness to hold back goods and raise prices increases, and the willingness to release scattered orders decreases. On the demand side, downstream copper product processing plants increase their operations of replenishing stocks at low prices, and the trading in the spot market has improved. In terms of inventory, stimulated by the traditional consumption peak season and the decline in copper prices, consumption demand has improved, and the inflection point of copper social inventory has emerged, showing an obvious reduction. Overall, the fundamentals of Shanghai copper may be in a stage of sufficient supply and warming consumption, with industrial inventory being reduced. In the options market, the call - put ratio of at - the - money option positions is 1.24, a month - on - month increase of 0.04, indicating a bullish sentiment in the options market, and the implied volatility has slightly increased. Technically, on the 60 - minute MACD, the two lines are below the 0 axis, and the red bars are slightly converging. The suggestion is to conduct short - term long trades with a light position at low prices, paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 94,030 yuan/ton, up 1,930 yuan; the price of LME 3 - month copper is 11,985 dollars/ton, down 182 dollars. The spread between the main contract and the next - month contract is 10 yuan/ton, down 20 yuan; the open interest of the Shanghai copper main contract is 198,395 lots, down 6,018 lots. The net position of the top 20 futures holders of Shanghai copper is - 50,450 lots, up 12,567 lots. The LME copper inventory is 347,475 tons, up 5,125 tons; the Shanghai Futures Exchange inventory of cathode copper is 411,121 tons, down 22,337 tons; the LME copper cancelled warrants are 45,475 tons, down 200 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 262,710 tons, down 2,856 tons; the COMEX copper inventory is 587,468 short tons, down 1,236 short tons [2]. 3.2 Spot Market - The price of SMM 1 copper spot is 93,965 yuan/ton, up 1,145 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 93,950 yuan/ton, up 830 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 52.5 dollars/ton, unchanged; the average premium of Yangshan copper is 53.5 dollars/ton, unchanged. The basis of the CU main contract is - 65 yuan/ton, down 785 yuan; the LME copper cash - to - 3 - month spread is - 85.26 dollars/ton, up 9.51 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 231.03 million tons, down 31.28 million tons. The copper concentrate price in Jiangxi is 84,250 yuan/metal ton, up 850 yuan; in Yunnan, it is 84,950 yuan/metal ton, up 850 yuan. The processing fee for crude copper in the South is 1,800 yuan/ton, down 300 yuan; in the North, it is 1,400 yuan/ton, down 300 yuan. The production of refined copper is 132.60 million tons, up 9.00 million tons; the import volume of unwrought copper and copper products is 320,000 tons, down 60,000 tons [2]. 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 61,590 yuan/ton, down 2,400 yuan; the price of 2 copper (94 - 96%) in Shanghai is 76,800 yuan/ton, down 2,250 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,130 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The production of copper products is 222.91 million tons, up 0.31 million tons. The cumulative completed investment in power grid infrastructure is 639.502 billion yuan, up 79.113 billion yuan. The cumulative completed investment in real estate development is 961.211 billion yuan, down 731.76 billion yuan. The monthly production of integrated circuits is 4,807,345,500 pieces, up 415,345,500 pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper is 22.48%, up 1.16%; the 40 - day historical volatility is 34.62%, up 0.45%. The implied volatility of the at - the - money option in the current month is 26.01%, up 0.0127; the call - put ratio of at - the - money options is 1.24, up 0.04 [2]. 3.7 Industry News - The US - Iran negotiation is in a stalemate. US President Trump said the US and Iran had a "strong" dialogue and formed the outline of an agreement, suspending attacks on its energy facilities for 5 days. However, Iran has repeatedly denied having a dialogue with the US. - Chinese President Xi Jinping inspected Xiongan New Area in Hebei and emphasized its function as a concentrated承载地 for relocating non - capital functions from Beijing. - The director of the Ministry of Commerce's Security and Control Bureau and the deputy director - general of the European Commission's Trade Directorate - General held the second meeting of the "upgraded" China - EU export control dialogue mechanism. - The director of the National Data Bureau said it would promote the power - computing synergy project, ensuring that the proportion of green power used in new computing power facilities in key nodes reaches over 80%. - State Power Investment Corporation plans to invest 200 billion yuan in 2026, a 17% year - on - year increase. In the first quarter, it plans to complete an investment of 23 billion yuan, a 35% year - on - year increase. - US Vice - President Vance and Israeli Prime Minister Netanyahu discussed the efforts to start negotiations with Iran and the elements of a potential agreement to end the war with Iran. Netanyahu said he had a call with Trump, and Trump thought there was an opportunity to achieve all war goals through an agreement. Meanwhile, Israel continues to attack Iran and Lebanon. - Federal Reserve officials have different views on interest rates. Goolsbee said inflation is the primary risk, not ruling out the possibility of raising interest rates while still leaving room for rate cuts this year. Milan said if there are second - round inflation effects and wage increases, rate hikes may be needed, but currently, it is not necessary. Daly said too much forward - looking guidance creates a false sense of certainty [2].

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - The Shanghai copper main contract rebounded slightly, with a decrease in open interest, spot discount, and strengthening basis. The copper concentrate TC spot index is running at a low level, and the global mine tightness situation has not improved. The domestic production of copper may decline due to raw material supply constraints and holiday factors. The demand for pre - holiday stocking has increased, and domestic copper inventories have shown seasonal accumulation. The option market sentiment is bullish, and the implied volatility has slightly increased. The report suggests light - position short - term long trading at low prices and pay attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 101,840 yuan/ton, up 1,740 yuan; the LME 3 - month copper price is 13,054.5 dollars/ton, up 60.5 dollars. The main contract's inter - month spread is - 210 yuan/ton, up 10 yuan; the open interest of the Shanghai copper main contract is 169,613 lots, down 5,693 lots. The net position of the top 20 futures holders in Shanghai copper is - 57,229 lots, up 8,065 lots. LME copper inventory is 183,275 tons, up 2,700 tons; SHFE cathode copper inventory is 248,911 tons, up 15,907 tons; LME copper cancelled warrants are 19,300 tons, down 650 tons; SHFE cathode copper warrants are 157,128 tons, down 2,856 tons; COMEX copper inventory is 589,081 short tons, up 2,652 short tons [2] 3.2 Spot Market - The SMM 1 copper spot price is 101,555 yuan/ton, up 1,950 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 101,610 yuan/ton, up 1,595 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 44 dollars/ton, unchanged; the average premium of Yangshan copper is 37.5 dollars/ton, up 1 dollar. The basis of the CU main contract is - 285 yuan/ton, up 210 yuan; the LME copper cash - to - three - month spread is - 70.95 dollars/ton, up 6.63 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 270.43 tons, up 17.8 tons. The copper smelter's rough smelting fee (TC) is - 52.37 dollars/kiloton, down 2.53 dollars. The price of copper concentrate in Jiangxi is 91,950 yuan/metal ton, up 1,610 yuan; the price of copper concentrate in Yunnan is 92,650 yuan/metal ton, up 1,610 yuan. The southern processing fee for blister copper is 2,300 yuan/ton, up 100 yuan; the northern processing fee for blister copper is 1,800 yuan/ton, up 600 yuan [2] 3.4 Industry Situation - The production of refined copper is 132.6 tons, up 9 tons. The import volume of unwrought copper and copper products is 440,000 tons, up 10,000 tons. The social inventory of copper is 41.82 tons, up 0.43 tons. The price of 1 bright copper wire in Shanghai is 66,790 yuan/ton, down 1,100 yuan; the price of 2 copper (94 - 96%) in Shanghai is 80,800 yuan/ton, down 1,500 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,030 yuan/ton, unchanged [2] 3.5 Downstream and Application - The production of copper products is 222.91 tons, up 0.31 tons. The cumulative completed investment in power grid infrastructure is 6,395.02 billion yuan, up 791.13 billion yuan; the cumulative completed investment in real estate development is 82,788.14 billion yuan, up 4,197.24 billion yuan. The monthly production of integrated circuits is 4,807,345.5 thousand pieces, up 415,345.5 thousand pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 44.79%, down 0.38%; the 40 - day historical volatility of Shanghai copper is 36.83%, up 0.19%. The implied volatility of the current month's at - the - money IV is 30.29%, up 0.0087; the call - to - put ratio of at - the - money options is 1.52, up 0.0179 [2] 3.7 Industry News - The Fed Vice - Chair Jefferson is "cautiously optimistic" about the US economic outlook, suggesting that strong productivity growth can help inflation fall to the 2% target. The State Council executive meeting studied policies to promote effective investment. China's social logistics cost has been declining steadily, and the ratio of total social logistics costs to GDP in 2025 dropped to 13.9%. The preliminary value of the US Michigan Consumer Sentiment Index in February reached 57.3, and the 1 - year inflation expectation dropped to 3.5%. China will build a "1 + N" policy system to cultivate new growth points in service consumption [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The Shanghai copper main contract first rose and then fell, with a decrease in open interest, a premium in the spot market, and a strengthening basis. The copper concentrate TC spot index declined slightly, and the copper ore supply remained tight. The port inventory increased slightly as imports arrived, but was still at a relatively low historical level. The supply of copper was relatively sufficient, while the demand was temporarily stable, and the social inventory increased seasonally. The options market sentiment was bullish, and the implied volatility increased slightly. The report suggests trading with a light position on dips and paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract was 101,880 yuan/ton, up 540 yuan; the LME 3 - month copper price was 13,112 dollars/ton, down 3 dollars. The main contract's inter - month spread was - 330 yuan/ton, down 130 yuan. The open interest of the Shanghai copper main contract was 228,979 lots, down 2,458 lots. The net position of the top 20 futures holders of Shanghai copper was - 60,976 lots, up 328 lots. The LME copper inventory was 171,700 tons, up 3,450 tons. The SHFE inventory of cathode copper was 225,937 tons, up 12,422 tons. The SHFE warehouse receipts of cathode copper were 145,314 tons, down 2,856 tons [2]. 3.2 Spot Market - The SMM 1 copper spot price was 102,435 yuan/ton, up 1,605 yuan; the Yangtze River Non - ferrous Market 1 copper spot price was 102,400 yuan/ton, up 1,435 yuan. The Shanghai electrolytic copper CIF (bill of lading) price was 23 dollars/ton, unchanged; the Yangshan copper average premium was 22 dollars/ton, unchanged. The basis of the CU main contract was 555 yuan/ton, up 1,065 yuan; the LME copper cash - to - 3 - month spread was - 66.06 dollars/ton, up 16.78 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 270.43 million tons, up 17.80 million tons. The copper concentrate price in Jiangxi was 92,710 yuan/metal ton, up 1,460 yuan; in Yunnan, it was 93,410 yuan/metal ton, up 1,460 yuan. The processing fee for crude copper in the south was 2,000 yuan/ton, unchanged; in the north, it was 1,200 yuan/ton, unchanged. The output of refined copper was 132.60 million tons, up 9.00 million tons. The import volume of unwrought copper and copper products was 440,000 tons, up 10,000 tons [2]. 3.4 Industry Situation - The social inventory of copper was 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai was 68,340 yuan/ton, up 500 yuan; the price of 2 copper (94 - 96%) in Shanghai was 82,700 yuan/ton, up 82,700 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 1,030 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The output of copper products was 222.91 million tons, up 0.31 million tons. The cumulative completed investment in power grid infrastructure was 5,603.90 billion yuan, up 779.56 billion yuan. The cumulative completed investment in real estate development was 82,788.14 billion yuan, up 4,197.24 billion yuan. The monthly output of integrated circuits was 4,807,345.50 million pieces, up 415,345.50 million pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper was 27.16%, up 0.01%; the 40 - day historical volatility was 23.37%, unchanged. The current - month at - the - money IV implied volatility was 25.86%, up 0.0275%. The at - the - money option call - to - put ratio was 1.57, up 0.0341 [2]. 3.7 Industry News - The US January S&P Global manufacturing PMI preliminary value was 51.9, slightly higher than the previous value; the service PMI preliminary value was flat at 52.5, and the composite PMI preliminary value rose slightly to 52.8, all slightly lower than expected. The eurozone January manufacturing PMI preliminary value rose slightly to 49.4, still in the contraction range; the service PMI preliminary value fell to 51.9, lower than expected. Germany's manufacturing and service PMIs both rebounded more than expected. France's manufacturing PMI rose to a nearly four - year high of 51, but the service PMI slowed sharply to 47.9. The national market operation and consumption promotion work conference emphasized promoting the expansion and upgrading of commodity consumption, implementing the replacement of old consumer goods with new ones, and promoting large - scale consumption such as automobiles and home furnishings. Jiangsu Province will continue to promote large - scale equipment renewal and optimize the implementation of consumer goods replacement in 2026. In Chongqing, the subsidy for automobile replacement and renewal in 2026 is open for application, with the first - batch funds of 185 million yuan. Beijing's new - energy vehicle ownership exceeds 1.3 million, and the proportion of new - energy and "National V standard" and above vehicles exceeds 80% [2].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View The Shanghai copper main contract shows a volatile trend, with decreasing positions, spot premium, and strengthening basis. Fundamentally, on the mining side, the copper concentrate TC fee has improved but remains in the negative range, and the domestic port inventory has slightly increased. The tight supply of copper ore still provides cost support for copper prices. On the supply side, due to the increase in newly commissioned production capacity and the high price of by - product sulfuric acid making up for smelting losses, smelters are currently producing actively. However, considering the supply of copper concentrates, the production growth rate may gradually slow down. On the demand side, the impact of the consumption off - season is expected to continue, and the large - scale taxation of copper products by the US will suppress export demand. Therefore, downstream consumption demand may slow down, and the total inventory will remain at a medium - low level. Overall, the fundamentals of Shanghai copper may be in a situation where the supply growth rate gradually slows down and the demand is slightly weak due to seasonal changes and trade tariffs. In the options market, the call - put ratio of at - the - money options is 1.24, with a month - on - month increase of 0.0605, indicating a bullish sentiment in the options market, and the implied volatility has slightly decreased. Technically, for the 60 - minute MACD, the double lines are above the 0 - axis, and green bars have just appeared. The operation suggestion is to conduct short - term long trading at low prices with a light position, and pay attention to controlling the rhythm and trading risks [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 79,020 yuan/ton, unchanged; the LME 3 - month copper price is 9,779 dollars/ton, up 47.50 dollars [2]. - The spread between the main contract and the next - month contract is - 60 yuan/ton, down 30 yuan; the position of the main contract of Shanghai copper is 156,044 hands, down 4,840 hands [2]. - The position of the top 20 futures holders of Shanghai copper is 4,902 hands, up 5,608 hands; the LME copper inventory is 155,700 tons, down 150 tons [2]. - The inventory of cathode copper in the Shanghai Futures Exchange is 81,933 tons (weekly), up 9,390 tons; the LME copper cancelled warrants are 11,975 tons, up 900 tons [2]. - The warehouse receipts of cathode copper in the Shanghai Futures Exchange are 26,296 tons, down 2,856 tons [2]. 3.2现货市场 - The price of SMM 1 copper spot is 79,150 yuan/ton, up 620 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metals Market is 79,095 yuan/ton, up 10 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper is 55 dollars/ton, unchanged; the average premium of Yangshan copper is 43.50 dollars/ton, up 3.50 dollars [2]. - The basis of the CU main contract is 130 yuan/ton, up 620 yuan; the LME copper premium (0 - 3) is - 83.25 dollars/ton, down 13.70 dollars [2]. - The import volume of copper ore and concentrates is 234.97 million tons (monthly), down 4.58 million tons; the rough smelting fee (TC) of domestic copper smelters is - 38.06 dollars/kiloton (weekly), up 4.03 dollars [2]. 3.3 Upstream Situation - The price of copper concentrates in Jiangxi is 68,850 yuan/metal ton, up 40 yuan; the price of copper concentrates in Yunnan is 69,550 yuan/metal ton, up 40 yuan [2]. - The processing fee for crude copper in the south is 900 yuan/ton (weekly), unchanged; the processing fee for crude copper in the north is 750 yuan/ton (weekly), unchanged [2]. - The output of refined copper is 130.20 million tons (monthly), up 4.80 million tons; the import volume of unwrought copper and copper products is 480,000 tons (monthly), up 20,000 tons [2]. 3.4产业情况 - The social inventory of copper is 41.82 million tons (weekly), up 0.43 million tons; the price of 1 bright copper wire scrap in Shanghai is 0 yuan/ton, down 54,990 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 640 yuan/ton, unchanged; the price of 2 copper scrap (94 - 96%) in Shanghai is 67,900 yuan/ton, up 400 yuan [2]. 3.5下游及应用 - The output of copper products is 221.45 million tons (monthly), up 11.85 million tons; the cumulative value of investment in power grid infrastructure construction is 2,911 billion yuan (monthly), up 871.14 billion yuan [2]. - The cumulative value of real estate development investment is 46,657.56 billion yuan (monthly), up 10,423.72 billion yuan; the monthly output of integrated circuits is 4,505,785,400 pieces, up 270,785,400 pieces [2]. 3.6期权情况 - The 20 - day historical volatility of Shanghai copper is 9.23%, down 0.14%; the 40 - day historical volatility of Shanghai copper is 9.70%, unchanged [2]. - The implied volatility of at - the - money options in the current month is 9.35%, down 0.0049%; the call - put ratio of at - the - money options is 1.24, up 0.0605 [2]. 3.7行业消息 - The Trump team is expanding the scope of candidates for the Fed Chair. The White House is expected to announce the Fed Chair candidate this fall [2]. - Goldman Sachs: As of June, US companies bear 64% of the tariff costs, consumers bear 22%, and foreign exporters bear 14%. By October, consumers are expected to bear 67% of the costs, and the proportion borne by companies will drop to less than 10% [2]. - In July, China's automobile production and sales reached 2.591 million and 2.593 million respectively, with year - on - year increases of 13.3% and 14.7%. The production and sales of new energy vehicles reached 1.243 million and 1.262 million respectively, with year - on - year increases of 26.3% and 27.4%. The export of new energy vehicles was 225,000, a year - on - year increase of 1.2 times [2]. - China opposes the politicization, instrumentalization, and weaponization of science, technology, and economic and trade issues, and opposes malicious blockades and suppressions against China. It hopes that the US will work with China to achieve positive results on the basis of equality, respect, and reciprocity [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The Shanghai copper main contract fluctuates strongly, with increasing positions, spot premium, and strengthening basis. The copper concentrate TC fee has improved but remains in the negative range, and the domestic port inventory has slightly increased. The tight supply of copper ore still supports the copper price. The smelters are currently actively producing due to new production capacity and high by - product sulfuric acid prices, but the production growth rate may slow down due to raw material supply. The downstream consumption demand may slow down due to the off - season and US tariffs, and the inventory remains at a medium - low level. The option market sentiment is bullish, and the implied volatility slightly decreases. Technically, the 60 - minute MACD shows that the double lines are above the 0 - axis, and the red column expands and then slightly converges. It is recommended to trade long at low positions with a light position, paying attention to the rhythm and trading risks [2]. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai copper futures main contract is 79,020 yuan/ton, up 530 yuan; the LME 3 - month copper price is 9,747.50 dollars/ton, down 14.50 dollars. The main contract's inter - month spread is - 30 yuan/ton, down 50 yuan; the position of the Shanghai copper main contract is 160,884 hands, up 3,992 hands. The top 20 futures positions of Shanghai copper are - 706 hands, up 2,829 hands. The LME copper inventory is 155,850 tons, down 150 tons; the Shanghai Futures Exchange's cathode copper inventory is 81,933 tons, up 9,390 tons; the LME copper cancelled warrants are 11,075 tons, down 50 tons; the Shanghai Futures Exchange's cathode copper warrants are 23,275 tons, down 2,856 tons [2]. Spot Market - The SMM 1 copper spot price is 79,150 yuan/ton, up 620 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 79,085 yuan/ton, up 565 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 58 dollars/ton, unchanged; the Yangshan copper average premium is 45.50 dollars/ton, down 2 dollars. The CU main contract basis is 130 yuan/ton, up 90 yuan; the LME copper premium (0 - 3) is - 69.55 dollars/ton, down 3.92 dollars [2]. Upstream Situation - The import volume of copper ore and concentrates is 234.97 million tons, down 4.58 million tons; the copper smelter's rough smelting fee (TC) is - 38.06 dollars/kiloton, up 4.03 dollars. The copper concentrate price in Jiangxi is 68,850 yuan/metal ton, up 40 yuan; the copper concentrate price in Yunnan is 69,550 yuan/metal ton, up 40 yuan. The southern processing fee for blister copper is 900 yuan/ton, unchanged; the northern processing fee for blister copper is 750 yuan/ton, unchanged [2]. Industry Situation - The refined copper output is 1.302 billion tons, up 480 million tons; the import volume of unwrought copper and copper products is 480,000 tons, up 20,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons; the price of 1 bright copper wire in Shanghai is 0 yuan/ton, down 54,990 yuan; the ex - factory price of 98% sulfuric acid of Jiangxi Copper is 640 yuan/ton, unchanged; the price of 2 copper (94 - 96%) in Shanghai is 67,900 yuan/ton, up 400 yuan [2]. Downstream and Application - The copper product output is 2.2145 billion tons, up 1.185 billion tons; the cumulative completed investment in power grid infrastructure is 291.1 billion yuan, up 87.114 billion yuan; the cumulative completed investment in real estate development is 4,665.756 billion yuan, up 1,042.372 billion yuan; the monthly output of integrated circuits is 4,505,785,400 pieces, up 270,785,400 pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper is 9.37%, up 0.30%; the 40 - day historical volatility of Shanghai copper is 9.70%, down 0.01%. The implied volatility of the current - month at - the - money IV is 9.84%, down 0.0023%; the at - the - money option purchase - to - put ratio is 1.18, up 0.0095 [2]. Industry News - In July, the CPI increased by 0.4% month - on - month and was flat year - on - year, and the core CPI increased by 0.8% year - on - year. The PPI decreased by 0.2% month - on - month and 3.6% year - on - year. The WTO predicts that the global goods trade volume will increase by 0.9% in 2025. Fed Governor Bowman believes that core PCE inflation is approaching the 2% target and supports three interest rate cuts this year. US Treasury Secretary Bessent said that Trump's tariff policy aims to bring manufacturing back to the US and hopes the next Fed Chairman has "forward - looking thinking". The "Thousands of Counties and Towns" new energy vehicle consumption season started in Xiaogan, Hubei on August 9, with a maximum subsidy of over 22,000 yuan. In July, the production and retail of passenger cars increased by 12.1% and 6.3% year - on - year respectively, and the production and retail of new energy vehicles increased by 22.3% and 12% year - on - year respectively [2].