1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Market sentiment continues to warm up, with risk assets showing a preference. The domestic economy remains stable, presenting mainly structural opportunities for domestic assets, and the policy - driven logic will be strengthened in the second half of the year. Overseas geopolitical risks may increase short - term market volatility, while the weak US dollar pattern will continue in the long run. Attention should be paid to non - US dollar assets and strategic allocation to resources such as gold [6]. - The overseas stagflation trading cools down, and the ideas of long - short allocation diverge. In the financial sector, the bullish sentiment for stocks and bonds has declined. For precious metals, risk appetite has recovered, leading to a short - term adjustment. Shipping sentiment has declined, and the duration of the increase in the loading rate in June should be monitored. In the black building materials sector, the performance of furnace materials is better than that of finished products. The low inventory reality and weak demand expectations in the non - ferrous and new materials sector lead to continued oscillations. In the energy and chemical sector, crude oil remains stable, and the positive basis of chemicals provides some support. In the agricultural sector, the substantial progress of Sino - US negotiations is beneficial for the market [7][9]. 3. Summary by Directory 3.1 Macro Highlights - **Overseas Macro**: US consumer sentiment has improved, and the economic fundamentals are recovering. However, due to tariff policies, consumers remain cautious about the future. This week, the long - term inflation expectation has stabilized, the short - term inflation expectation has risen, and the market's expectation of the Fed's interest rate cut has increased [6]. - **Domestic Macro**: The domestic fundamentals have changed little this week, with both internal and external demand showing some resilience. The real estate market is in the off - season, and the infrastructure physical workload has decreased seasonally. At the local level, the issuance of special bonds has increased at the end of the month, and the remaining trade - in funds from the central government will be issued in July to support consumption [6]. - **Asset Views**: Domestic assets present mainly structural opportunities, and overseas geopolitical risks may cause short - term market fluctuations. In the long run, the weak US dollar pattern will continue, and attention should be paid to non - US dollar assets and strategic allocation to resources such as gold [6]. 3.2 Viewpoint Highlights 3.2.1 Macro - Domestic: Moderate reserve requirement ratio cuts and interest rate cuts, and the implementation of established fiscal policies in the short term. - Overseas: The inflation expectation structure flattens, the economic growth expectation improves, and the stagflation trading cools down [7]. 3.2.2 Finance - Stock index futures: Funds are releasing congestion, with a short - term judgment of oscillation. - Stock index options: Sellers need to wait for the inflection point of the decline in volatility, with a short - term judgment of oscillation. - Treasury bond futures: The bullish sentiment in the bond market has declined, with a short - term judgment of oscillation [7]. 3.2.3 Precious Metals - Gold and silver: With the recovery of risk appetite, precious metals are in a short - term adjustment, with a short - term judgment of oscillation [7]. 3.2.4 Shipping - Container shipping to Europe: Focus on the game between peak - season expectations and price - increase implementation, with a short - term judgment of oscillation [7]. 3.2.5 Black Building Materials - Coke: Pessimistic sentiment fades, and the price remains stable, with a short - term judgment of oscillation. - Coking coal: Transaction conditions improve, but confidence is still insufficient, with a short - term judgment of oscillation. - Other varieties: Most varieties are in a state of oscillation, while soda ash is expected to oscillate downward [7]. 3.2.6 Non - ferrous and New Materials - Most non - ferrous metals are in a state of oscillation, while zinc is recommended to look for short - selling opportunities, and nickel and stainless steel are expected to oscillate downward [7]. 3.2.7 Energy and Chemicals - Crude oil: The rebound is limited, with a short - term judgment of oscillation and decline. - LPG: Weak oscillation due to geopolitical easing. - Other varieties: Different varieties have different short - term judgments, such as oscillation, oscillation and rise, or oscillation and decline [9]. 3.2.8 Agriculture - Most agricultural products are in a state of oscillation, with different influencing factors and short - term trends [9].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Overseas macro: The Fed maintains the federal funds rate and the expectation of rate cuts in the second half of the year but is more cautious. The US economic fundamentals are still disturbed by geopolitical risks and uncertainties in economic and trade prospects. The surge in oil prices may prompt the Fed to send hawkish signals [7]. - Domestic macro: The Lujiazui Financial Forum announces multiple financial support policies, strengthening policy expectations in the second half of the year. In May, fixed - asset investment continued to expand, and the service industry grew faster. The decline in housing prices continued to narrow. Industrial and service production, as well as consumer spending, all showed positive growth [7]. - Asset views: The domestic economy maintains a weak and stable pattern, with mainly structural opportunities for domestic assets. Policy - driven logic will be strengthened in the second half of the year. Overseas geopolitical risks may increase short - term market volatility, but the long - term weak dollar pattern continues. Attention should be paid to non - dollar assets and strategic allocation of resources such as gold [7]. 3. Summaries According to Related Catalogs 3.1 Market Price and Fluctuation - **Stock Index Futures**: The CSI 1000 futures had the highest daily increase of 1.10%, while the CSI 500 futures, SSE 50 futures, and CSI 300 futures also rose by 0.67%, 0.66%, and 0.63% respectively [3]. - **Treasury Bond Futures**: The 30 - year Treasury bond futures decreased by 0.02%, the 2 - year Treasury bond futures decreased by 0.01%, while the 5 - year and 10 - year Treasury bond futures remained unchanged [3]. - **Foreign Exchange**: The US dollar index remained unchanged, the euro against the US dollar had no change in pips, the US dollar against the Japanese yen remained unchanged, and the central parity rate of the US dollar increased by 15 pips [3]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate remained unchanged, the 10 - year Chinese Treasury bond yield decreased by 0.3 bp, and the 10 - year US Treasury bond yield remained unchanged [3]. - **Hot Industries**: The comprehensive finance industry had the highest daily increase of 5.03%, followed by the comprehensive, computer, and national defense and military industries [3]. - **Overseas Commodities**: NYMEX WTI crude oil rose by 1.27%, while ICE Brent crude oil decreased by 3.76%. COMEX gold decreased by 0.06%, and COMEX silver decreased by 2.20% [3]. 3.2 Macro Highlights - **Overseas Macro**: The Fed maintains the federal funds rate, and the US economic data shows mixed performance. The economic fundamentals are still affected by geopolitical and trade uncertainties [7]. - **Domestic Macro**: The Lujiazui Financial Forum promotes policy expectations. In May, fixed - asset investment, industrial production, service industry, and consumer spending all showed positive trends [7]. 3.3 Viewpoint Highlights - **Macro**: Overseas stagflation trading cools down, and the long - and short - term allocation ideas diverge. Domestically, there may be moderate reserve requirement ratio and interest rate cuts, and fiscal policies will be implemented [8]. - **Finance**: The bullish sentiment in stocks and bonds has declined. Stock index futures, stock index options, and Treasury bond futures are all expected to fluctuate [8]. - **Precious Metals**: With the recovery of risk appetite, precious metals are undergoing short - term adjustments and are expected to fluctuate [8]. - **Shipping**: The sentiment has declined. The container shipping to Europe is expected to fluctuate, focusing on the game between peak - season expectations and price increases [8]. - **Black Building Materials**: In the off - season, the molten iron output has increased, and the market continues to fluctuate narrowly. Products such as steel, iron ore, coke, and others are expected to fluctuate [8]. - **Non - ferrous Metals and New Materials**: The coexistence of low - inventory reality and weak demand expectations leads to continued fluctuations in non - ferrous metals. Zinc and nickel are expected to decline, while others are expected to fluctuate [8]. - **Energy and Chemicals**: The US may intervene in the Israel - Iran conflict, and crude oil maintains high volatility. Different energy and chemical products have different trends, with some expected to rise, some to fall, and some to fluctuate [10]. - **Agriculture**: The Sino - US negotiation has made substantial progress, which is beneficial for the cotton price rebound. Different agricultural products are expected to fluctuate, and attention should be paid to factors such as harvest, planting, and production - demand data [10].