1. Report Industry Investment Ratings - The report suggests a sideways to bearish outlook for coking coal and palm oil futures [3][21]. - For pulp, it maintains a view of low - level sideways movement and recommends waiting and watching [25]. 2. Core Views - The continuous decline of coking coal futures for five consecutive days, along with the weakening of black - series futures such as coke and iron ore, is due to multiple factors including supply, demand, policy, and cost [3]. - In the stock market, with the issuance of the action plan for stabilizing growth in the electronic information manufacturing industry and foreign giants being optimistic about the A - share market, the short - term A - share market is expected to continue high - level sideways adjustment [6]. - For gold, the US July PCE price data meets expectations, increasing the probability of a September interest rate cut, which is bullish for gold, and it shows signs of breaking through the platform in the short term [11]. - Iron ore futures continue to rebound today with obvious high - level wide - range fluctuations recently, and there is a need to be vigilant against the negative feedback caused by the erosion of steel mill profits [14][15]. - Glass futures show a small rebound today with obvious wide - range fluctuations recently, and attention should be paid to the inventory replenishment situation approaching the peak season [18][19]. 3. Summaries by Related Catalogs Coking Coal Futures - Supply: The intensity of safety inspections in major production areas has been marginally relaxed, previously shut - down and overhauled coal mines have gradually resumed production, with a weekly output increase of about 4%. The arrival of imported coking coal at ports has been sufficient, and the arrival volume of Russian coal increased in mid - to - late August, increasing the overall supply pressure [3]. - Demand: Downstream coking plants, affected by the slowdown in steel mill purchases, have reduced their enthusiasm for replenishing coking coal stocks, choosing to consume existing inventories. Some coking enterprises have even lowered their operating rates, and coking coal purchases have continued to shrink. Steel mill profits have limited recovery, pig iron production remains at a medium - to - low level, and the rigid demand for coke is insufficient, further suppressing coking coal demand [3]. - Inventory and Policy: Port inventories have increased by 140% year - on - year and are at a high level. If demand cannot be effectively increased, inventory pressure will cause coking coal prices to decline. The pre - September 3 military parade production - restriction expectations have not reached the previous intensity, and the subsequent relaxation of over - production verification policies may lead to further release of coal mine production and increase market supply [3]. A - Share Market - News: Two departments have issued the "Action Plan for Stabilizing Growth in the Electronic Information Manufacturing Industry from 2025 - 2026", and foreign giants are optimistic about the A - share market outlook [6]. - Market Performance: The three major A - share indexes opened and then fluctuated lower, with a continuous decline during the session. Financial stocks rose against the trend at the end of the session, and the market finally closed with a medium - sized negative line [7]. - Outlook: The short - term market is expected to continue high - level sideways adjustment [6]. Gold - News: The US July PCE price data meets expectations, increasing the probability of a September interest rate cut, which is bullish for gold [11]. - Technical Analysis: The weekly adjustment is relatively sufficient, and there are signs of breaking through the platform in the short term [11]. Iron Ore - Technical Analysis: It continued to rebound today, with obvious high - level wide - range fluctuations recently. Attention should be paid to the support below [14]. - Market Situation: Pig iron production remains at a high level, but the pattern of strong raw materials and weak finished products has not changed. There is a need to be vigilant against the negative feedback caused by the erosion of steel mill profits [15]. Glass - Technical Analysis: It showed a small rebound today, with obvious wide - range fluctuations recently [18]. - Market Situation: Daily melting is basically stable, factory inventories continue to accumulate, and the recovery of downstream deep - processing orders is not yet sufficient. Attention should be paid to the inventory replenishment situation approaching the peak season [19]. Palm Oil - Market Situation: The recent cumulative increase in the oil and fat market is relatively large. With the overall increase in inventory pressure and lack of demand support, the market's motivation to continue chasing up has decreased, and the pressure for profit - taking has increased [21]. Pulp - Market Situation: The pulp price in Shandong region remained stable today, and port inventories began to decline slightly, boosting the futures price. There are expectations of a boost before the Mid - Autumn Festival peak season, but no improvement has been seen yet [25]. - Outlook: It is expected to maintain low - level sideways movement, and waiting and watching is recommended [25].