Core Viewpoint - The polypropylene monthly average price futures will officially launch on October 28, 2025, at the Dalian Commodity Exchange, providing a price benchmark tailored for monthly trading scenarios in the industry [2]. Group 1 - The contract code for the polypropylene monthly average price futures will be structured as "PP+Contract Month+F" (e.g., PP2603F for the March 2026 contract) [2]. - This futures contract is one of the first monthly average price futures for chemical products in the domestic market, relying on the fair price of existing physical delivery futures contracts for polypropylene [2]. Group 2 - The settlement price will be calculated as the arithmetic average of the settlement prices on all trading days in the month prior to the contract month, smoothing out the impact of daily price volatility [3]. - The cash settlement mechanism means that at expiration, the exchange will directly settle profits and losses based on the average price, eliminating the need for physical delivery and reducing storage and logistics costs, thereby improving capital efficiency [3].

Domestic News - In the first half of 2025, the national general public budget expenditure reached 14.1271 trillion yuan, a year-on-year increase of 3.4%. Key areas such as social security and employment saw a 9.2% increase in expenditure, while science and technology and education expenditures grew by 9.1% and 5.9%, respectively [1] - The Ministry of Finance has pre-allocated 162 billion yuan in long-term special government bonds in two batches earlier this year, with an additional 67 billion yuan allocated recently, and the remaining funds to be distributed in October [1] - The China Securities Regulatory Commission (CSRC) emphasized the need to manage risks in key areas of the capital market, particularly focusing on resolving real estate company bond defaults and supporting a new model for real estate development [2] - The Guangzhou Futures Exchange is advancing the development of photovoltaic module futures, with a proposed trading unit of 720 modules per contract, equivalent to approximately 453.6 kW [2] - The insurance industry association announced that the current predetermined interest rate for ordinary life insurance products is 1.99%, with the maximum rate for new insurance products set at 2.0% [3] - The total transaction volume in China's foreign exchange market reached 25.55 trillion yuan (approximately 3.56 trillion USD) in June 2025, with the interbank market accounting for 21.88 trillion yuan [3] - The Ministry of Transport reported that inter-regional passenger flow reached 33.76 billion trips in the first half of 2025, a year-on-year increase of 4.2% [3] International News - Japanese investors net purchased 571.9 billion yen (approximately 3.88 billion USD) worth of Japanese stocks in the week ending July 19, marking the 15th week of net buying in 16 weeks [4] - In the UK, retail sales increased by 0.9% month-on-month in June, partially offsetting a 2.8% decline in May, driven by warm weather boosting sales of beverages [4] - Turkey's manufacturing confidence index slightly decreased to 100.2 in July 2025, the lowest level since January, while the export expectations index rose slightly to 112.7 [5]