Group 1 - The macroeconomic situation in 2025 is complex and changing, with profound transformations in the global economic and trade landscape. Despite challenges such as fluctuations in international trade, low industrial product prices, and a sluggish real estate market, China's economy is committed to high-quality development with strong resilience [1] - In the first half of the year, the bulk commodity industry faced both pressures and opportunities, with increased uncertainty leading to price volatility in futures products. Key drivers for gold trading included risk aversion, central bank gold purchases, and stagflation trading, while the marginal drivers for crude oil and copper diverged due to differences in supply-demand logic, financial attributes, and tariffs [1] - The director of CITIC Futures Research Institute, Wang Zhen, emphasized the importance of risk management for real enterprises in a complex environment, providing a comprehensive analysis of bulk commodity risk management for the second half of the year [1] Group 2 - In the non-ferrous metals sector, companies are advised to maintain strict hedging practices to avoid excessive risk exposure amid low overseas inventories and unstable macro expectations [2] - In the new energy metals sector, there is still an oversupply, with a downward demand expectation. The smelting sector is advised to seize selling and hedging opportunities as profits recover [2] - In the black construction materials sector, there are ongoing pressures on raw materials, with coking coal supply and upstream inventories remaining bearish, while iron ore capacity release will continue to drag down steel prices from the cost side [2] - In the energy and chemical sector, after a surge in exports, demand growth is expected to decline, and the supply side faces challenges from new capacity and significant idle capacity, prompting recommendations for timely profit locking [2] - In the agricultural sector, there is pressure on pig supply due to policy adjustments, and attention should be paid to profit locking opportunities. Agricultural products are generally abundant, with high-level hedging opportunities in palm oil, cotton, and sugar [2] - The CITIC Futures Research Institute will continue to explore the research needs of various industrial clients, enhance market analysis, trend forecasting, and risk management solutions, and actively serve the real economy [2]