Group 1 - The funding situation during the tax period exceeded expectations, attributed to the central bank's restrained reverse repo operations and some funds flowing into the stock market, leading to a funding gap [1] - The current 7-day OMO balance is 20,770 billion, significantly exceeding the seasonal average of 4,316 billion over the past four years [1] - The central bank has announced a net MLF injection of 300 billion, indicating a clear intention to support the market, with expectations of continued large-scale OMO operations [1] - The current 1-year deposit certificate rate stands at 1.67% [1] Group 2 - The Ping An Company Bond ETF (511030) has the best performance in controlling drawdown during the recent bond market adjustment, with the least market discount in the past week and a relatively stable net value [2] - The bond market adjustment began on August 8, 2025, and the table provided shows various ETFs with their respective performance metrics [2] - The scale of the Ping An Company Bond ETF is 22.353 billion, with a recent weekly average discount of -0.06% and a year-to-date performance of 0.84 [2]

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report [2] Group 2: Core Views of the Report - The index has broken through the upper edge of the short - term shock range and the central position continues to move up during the new round of US trade policy negotiation window, but caution is needed when testing key positions. For the stock index, unilateral strategy suggests range operation and appropriate multi - allocation on dips [2] - The central bank's increase in open - market investment has improved the bond market sentiment, and the future situation of the tax - period capital and government bond supply needs to be observed. Curve strategy can appropriately bet on steepening [2] - There is more long - short game in the short - term gold market with support at the 60 - day moving average. Buying on dips is recommended for gold and silver, and there may be a phased pulse - type rise in silver [2] - The container shipping index is expected to oscillate strongly. For the EC2508 contract, unilateral operation is recommended to wait and see, and multi - material and short - raw material arbitrage can be considered [2] - Industrial material demand and inventory are deteriorating, and the decline in apparent demand should be noted. For steel, iron ore, coking coal, and coke, buying on dips is recommended [2] - For copper, attention should be paid to the Sino - US tariff negotiation rhythm. The aluminum market has a strong expectation of off - season inventory accumulation. For non - ferrous metals, different trading strategies are given according to different varieties [2] - The short - term oil price has rebounded due to geopolitical risks. For different energy and chemical products, various trading strategies such as waiting and seeing, range operation, and buying on dips are recommended according to their fundamentals [2] - For agricultural products, different trading strategies such as short - term long, short - term wait - and - see, and short - selling on rebounds are recommended according to different varieties [2] - For special commodities and new energy products, trading strategies such as waiting and seeing, buying on dips, and short - selling on rallies are recommended according to different varieties [2] Group 3: Summaries by Related Categories Financial Sector - **Stock Index**: The index has broken through the short - term shock range, but caution is needed at key positions. Unilateral strategy suggests range operation and appropriate multi - allocation on dips [2] - **Treasury Bond**: The central bank's open - market operation has improved sentiment, and future capital and supply situations need to be observed. Curve strategy can bet on steepening [2] - **Precious Metals**: Gold has support at the 60 - day moving average, and buying on dips is recommended. Silver may have a phased pulse - type rise [2] Shipping and Industrial Materials Sector - **Container Shipping Index**: Expected to oscillate strongly. Unilateral operation on the EC2508 contract should wait and see, and arbitrage opportunities can be considered [2] - **Steel**: Industrial material demand and inventory are poor. Attention should be paid to the decline in apparent demand, and buying on dips is recommended [2] - **Iron Ore, Coking Coal, Coke**: Black market sentiment has improved, and buying on dips is recommended [2] Non - Ferrous Metals Sector - **Copper**: Attention should be paid to the Sino - US tariff negotiation rhythm. The mid - term surplus pattern remains unchanged [2] - **Aluminum**: There is a strong expectation of off - season inventory accumulation, and different price ranges are given for different varieties [2] Energy and Chemical Sector - **Crude Oil**: The short - term oil price has rebounded due to geopolitical risks. Different trading strategies are given for different energy and chemical products according to their fundamentals [2] Agricultural Products Sector - Different trading strategies such as short - term long, short - term wait - and - see, and short - selling on rebounds are recommended for different agricultural products [2] Special Commodities and New Energy Sector - Different trading strategies such as waiting and seeing, buying on dips, and short - selling on rallies are recommended for special commodities and new energy products [2]