Report Summary 1. Investment Rating No investment rating for the industries is provided in the report. 2. Core Views - The stock market's recent rise is driven by long - term expectations of fiscal policy shift to consumption and inflation recovery, mid - term anti - involution policies benefiting upstream cycle sectors, and short - term capital inflows due to RMB appreciation and improved enterprise deposit - loan data. Wait for clearer policy and market trends before adjusting positions [2]. - Short - term treasury bonds are expected to be strong as the market - driving effect of anti - involution policy expectations since July is over, and the bond market is likely to have a repair market [3]. - Gold is in a window supported by both "rising interest - rate cut expectations" and "geopolitical uncertainties" and is expected to maintain a strong trend. For silver, low - buying and holding is a good strategy [4]. - Most commodities in the steel, coal, and coke sectors are expected to move in a narrow or wide - range oscillation in the short term, affected by factors such as supply - demand balance, policy expectations, and cost changes [6][7][9]. - Copper prices may be weak but the expected peak season in September will limit the decline. Nickel and stainless steel prices are affected by market sentiment and will oscillate. Aluminum - related products' prices face downward pressure due to supply increases, while industrial silicon and polysilicon have different trends and investment opportunities [14][15][19]. - Oil prices are under pressure. High and low - sulfur fuel oils are expected to oscillate weakly. Asphalt is supported by low supply and inventory but is affected by crude oil price fluctuations. Rubber is expected to oscillate widely. PX, PTA, MEG, methanol, polyolefins, PVC, urea, soda ash, and glass all have their own supply - demand characteristics and are expected to have different short - term price trends [24][25][27]. - Protein meal prices are rising, and a long - position strategy is recommended. Most oils are strong, and a long - position strategy is also suggested. Livestock and poultry products such as pigs and eggs have complex supply - demand situations and are expected to oscillate. Corn has a short - term rebound but a mid - term weakening trend [39][41][42]. - Sugar is expected to continue its weak trend. Cotton's 09 contract is expected to oscillate, and the 01 contract is expected to oscillate in the short term and strengthen in the medium - long term [46][49]. 3. Summary by Category Financials - **Stock Index**: A - share market was flat yesterday. The implementation of the parenting subsidy system is significant. The stock market's rise is driven by multiple factors. Wait for clearer trends before adjusting positions [2]. - **Treasury Bonds**: Treasury futures rose slightly. The central bank conducted reverse repurchase operations with a net withdrawal. Short - term treasury bonds are expected to be strong [3]. - **Precious Metals**: Gold and silver prices rose. Gold is supported by multiple factors, and silver can be held through low - buying [4]. Mineral, Steel, Coal, and Coke - **Rebar**: Futures prices were slightly down. Production increased, inventory rose, and demand improved slightly. Exports remained high. It is expected to move in a narrow range [6]. - **Iron Ore**: Futures prices fell. Supply decreased, demand was mixed, and inventory increased. It is expected to oscillate [7][8]. - **Coking Coal**: Futures prices rose. Supply was affected by inspections, and demand was strong. It is expected to oscillate widely [9]. - **Coke**: Futures prices rose. Supply was affected，and demand was good. It is expected to oscillate widely [10]. - **Manganese Silicon and Ferrosilicon**: Both futures prices weakened. They are affected by policies, cost, and supply - demand factors and are expected to oscillate widely [11][12]. Non - ferrous Metals - **Copper**: Prices were slightly down. Affected by macro factors, inventory changes, and weak demand, copper prices may be weak but limited by the peak - season expectation [14]. - **Nickel and Stainless Steel**: Prices fell slightly. Affected by inventory, price differentials, and supply - demand, they are expected to oscillate [15]. - **Aluminum - related Products**: Prices of alumina, electrolytic aluminum, and aluminum alloy were weak. Supply is expected to increase, and prices face downward pressure [16][18]. - **Industrial Silicon and Polysilicon**: Industrial silicon was strong, and polysilicon was weak. There are different investment opportunities [19]. - **Lithium Carbonate**: Futures prices rose. Supply is expected to increase, demand is improving, and inventory is changing. The market focuses on production uncertainties [20][22]. Energy and Chemicals - **Crude Oil**: Prices fell for six consecutive days. Affected by geopolitical events and supply - demand, oil prices are under pressure [24]. - **Fuel Oil**: Futures prices rose slightly. Supply is sufficient, demand may weaken, and it is expected to oscillate weakly [25][26]. - **Asphalt**: Futures prices rose slightly. Supply may decrease, demand is expected to improve, and it is expected to oscillate [27]. - **Rubber**: Futures prices rose. Supply is increasing, demand is stable, and it is expected to oscillate widely [28]. - **PX, PTA, MEG**: Prices of related products rose slightly. Affected by cost and demand, PTA may be under pressure, and MEG may adjust weakly [29][30]. - **Methanol**: Prices are expected to oscillate as inventory is expected to increase slightly in August with limited import and stable demand [31]. - **Polyolefins**: Supply and demand will recover in August, and the upside is limited without significant cost increases [32]. - **PVC**: Market pressure eases, inventory decreases slowly, and prices are expected to oscillate weakly [33][34]. - **Urea**: Futures prices were weak. Supply increased, demand was weak, and the Indian tender can relieve some pressure. It is expected to oscillate widely and weakly [35]. - **Soda Ash**: Futures prices oscillated widely. Supply increased, demand was weak, and it is expected to oscillate widely with a weak sentiment [36]. - **Glass**: Futures prices oscillated widely. Supply was stable, demand was weak, and inventory increased. It is expected to oscillate widely [37]. Agricultural Products - **Protein Meal**: Prices rose. U.S. soybeans had strong sales, and domestic prices were boosted by external and cost factors. A long - position strategy is recommended [39]. - **Oils**: BMD palm oil fell, while domestic oils were strong. A long - position strategy is suggested [40][41]. - **Livestock and Poultry Products**: Pig prices are expected to oscillate due to supply and policy factors. Egg prices have a complex situation with a possible seasonal rebound but a short - term bearish sentiment [42][43]. - **Corn**: Futures prices rebounded technically, but the mid - term is expected to be weak [44]. Soft Commodities - **Sugar**: Prices are expected to continue to be weak due to production increase expectations and domestic price adjustments [46]. - **Cotton**: ICE cotton fell. The 09 contract is expected to oscillate, and the 01 contract is expected to oscillate in the short term and strengthen in the long term [47][49].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The stock market has risen recently due to long - term expectations of fiscal policy shift and inflation recovery, mid - term anti - involution policies and infrastructure investment, and short - term capital inflows and improved enterprise deposit and loan data. The bond market is expected to show a repair trend. Precious metals are supported by "interest rate cut expectation" and "geopolitical uncertainty". Most commodities are expected to show a wide - range or weak - range oscillation trend [2][3][4] - Different commodities are affected by various factors such as supply and demand, policies, and geopolitical events, and their price trends vary. For example, steel products are affected by production, inventory, and policy expectations; copper is affected by tariffs and inventory; and energy products are affected by supply, demand, and price adjustments [6][15][23] Summary by Category Financials Stock Index - The A - share market rose yesterday with the Wind All - A up 0.72% and a turnover of 1.76 trillion yuan. The rise is attributed to long - term, mid - term, and short - term logics. It is advisable to wait for clearer policies and market trends before adjusting positions [2] - The treasury bond futures showed different trends. The short - term bond market is expected to repair, and short - term treasury bonds are expected to be strong [3] Precious Metals - Gold and silver prices fell overnight. Gold is in a window supported by "interest rate cut expectation" and "geopolitical uncertainty" and is expected to maintain a strong trend. Low - buying and holding silver is a good strategy [4] Mineral, Steel, Coal, and Coke Rebar - The rebar futures fluctuated narrowly, and the spot price rose slightly. The supply - demand pressure increased, but policy expectations and rumors boosted market sentiment. The short - term is expected to be oscillatory and slightly strong [6] Iron Ore - The iron ore futures price fell. The global iron ore shipment decreased, and the demand weakened. The short - term price is expected to oscillate [7][8] Coking Coal - The coking coal futures rose. The supply is affected by inspections, and the demand is strong. The short - term is expected to oscillate widely [9] Coke - The coke futures rose. The supply increased, and the demand was stable. The short - term is expected to oscillate widely [10] Manganese Silicon - The manganese silicon futures strengthened. Market news boosted confidence, and the demand increased. The short - term is expected to oscillate widely [11][12] Ferrosilicon - The ferrosilicon futures strengthened. Cost support is strong, and the fundamentals have little contradiction. The short - term is expected to oscillate widely [13] Non - ferrous Metals Copper - Copper prices rose slightly. The macro situation is complex, and the demand is insufficient. The price may be weak, but the "Golden September" expectation restricts the decline [15][16] Nickel & Stainless Steel - Nickel and stainless steel prices were affected by market sentiment. The fundamentals changed little, and the short - term is expected to oscillate [17] Alumina, Aluminum, and Aluminum Alloy - Alumina, aluminum, and aluminum alloy prices rose. The supply of alumina is expected to increase, and the aluminum price may face downward pressure. The short - term is expected to oscillate [18][19] Industrial Silicon and Polysilicon - Industrial silicon and polysilicon prices rose. Pay attention to the policy implementation and the opportunity of shorting SI and longing PS [20] Lithium Carbonate - The lithium carbonate futures rose, and the spot price fell. The supply is expected to increase slightly, and the demand is expected to increase. The short - term focus is on production uncertainties [21] Energy and Chemicals Crude Oil - Crude oil prices fell. The market is affected by sanctions and price adjustments. The price is under upward pressure and is expected to oscillate weakly [23] Fuel Oil - Fuel oil prices rose slightly. The supply is sufficient, and the demand may weaken. The short - term is expected to oscillate weakly [24] Asphalt - Asphalt prices rose slightly. The inventory decreased, and the demand is expected to improve. The short - term is expected to oscillate [25][26] Rubber - Rubber prices showed different trends. The supply is increasing, and the demand is stable. The short - term is expected to oscillate widely [27] PX, PTA, and MEG - PX, PTA, and MEG prices rose. The cost is under pressure, and the demand has resilience. The short - term price trends vary [28][29] Methanol - Methanol prices are expected to oscillate. The inventory is expected to accumulate, but the increase is not significant [30] Polyolefins - Polyolefin prices are affected by supply and demand and cost. The short - term upward space is limited [31] Polyvinyl Chloride - PVC prices showed different trends. The fundamentals improved slightly. The short - term is expected to oscillate weakly [32][33] Urea - Urea prices strengthened. The supply increased, and the demand slowed down. The short - term is expected to oscillate weakly [34] Soda Ash - Soda ash prices showed different trends. The supply and demand are stable. The short - term is expected to oscillate widely [35] Glass - Glass prices were weak. The supply was stable, and the demand declined. The short - term is expected to oscillate widely [36][37] Agricultural Products Protein Meal - CBOT soybeans fell, while domestic protein meal prices rose. The supply is sufficient, and the inventory is expected to peak. The strategy is to go long on soybean meal and participate in positive spreads [39] Oils - BMD palm oil fell, while domestic oils were strong. The supply and demand data will be released, and the strategy is to go long and sell put options [40] Live Pigs - Live pig futures rose, and the spot price fell. The supply pressure and policy support coexist. The short - term is expected to oscillate [41][42] Eggs - Egg futures rose, and the spot price fell. The short - term fundamentals are bearish, but there is a possibility of seasonal rebound [43] Corn - Corn futures rebounded, and the spot price was weak. The short - term is expected to face resistance, and the medium - term is expected to be weak [44] Soft Commodities Sugar - The domestic sugar sales data is good, but the spot price is down. The external market is weak. The domestic market is expected to be weak [46] Cotton - ICE cotton fell, while domestic cotton rose slightly. The international market focuses on macro factors, and the domestic market is supported by inventory. The 01 contract is expected to be stable in the short - term and strong in the long - term [47]