Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market declined significantly this week, following the overall market downturn. It is mainly driven by market sentiment, and short - term trading is recommended [2][3][7] - After the price increase, the short - selling force strengthened, and combined with the negative stance of the Politburo's latest statement, the bullish sentiment in the market subsided, leading to a sharp drop in commodity prices [3] - After the sharp price drop, it has fallen to the upper edge of the previous oscillation range. Considering seasonal factors, the market is not expected to decline further deeply, and short - selling is not advisable [7] 3. Summary by Directory 3.1 Futures Market Review - The RU2509 contract had an opening price of 15,595, a high of 15,635, a low of 14,275, and a closing price of 14,310, with a decline of 8.18%. The NR2509 contract had an opening price of 13,340, a high of 13,385, a low of 12,080, and a closing price of 12,175, with a decline of 8.6%. The BR2509 contract had an opening price of 12,415, a high of 12,415, a low of 11,380, and a closing price of 11,455, with a decline of 7.73% [3] - The market declined significantly this week, following the overall market downturn. After the price increase, the short - selling force strengthened, and combined with the negative stance of the Politburo's latest statement, the bullish sentiment in the market subsided, leading to a sharp drop in commodity prices. The short - term technical chart shows a bearish pattern [3] 3.2 Spot Market Review - The price of Shanghai Yunnan 23 - year state - owned whole latex with 9% tax was 14,300 yuan/ton, a decrease of 1,050 yuan/ton compared with last week [4] - The price of smoked sheet rubber in Qingdao Free Trade Zone was 2,170 US dollars/ton, a decrease of 160 US dollars/ton compared with last week [4] - The price of BR9000 in Shanghai was 11,750 yuan/ton, a decrease of 450 yuan/ton compared with last week [4] 3.3 Inventory Situation Review - The inventory of the Shanghai Futures Exchange decreased this week. The subtotal inventory decreased by 2,388 tons to 208,426 tons, and the futures inventory decreased by 4,390 tons to 177,630 tons [5] 3.4 Market Structure - The basis this week was smaller compared with last week, and the decline of futures prices was greater [6] 3.5 Forecast and Operation Strategy - The market declined significantly this week, following the overall market downturn [7] - The prices of Thai raw materials declined across the board this week [7] - In terms of tire enterprises, the operating rates continued to decline slightly, and the inventories of semi - steel tires and all - steel tires decreased [7] - The bullish sentiment dissipated, and natural rubber prices dropped significantly. After the sharp price drop, it has fallen to the upper edge of the previous oscillation range. Considering seasonal factors, the market is not expected to decline further deeply, and short - selling is not advisable. Short - term trading is recommended [7][8]

Group 1 - The public fund industry has seen a performance recovery, with major stock indices rising over 8% as of July 25, and over 90% of active equity products showing positive returns year-to-date [1][2] - Despite the positive performance, there has been a significant net redemption of over 1.07 billion units in active equity funds during Q2, a 56% increase from Q1 [1][2] - Investors are increasingly motivated by a "take profit" mentality, particularly in sectors like pharmaceuticals that have rebounded sharply [1][6] Group 2 - The innovative drug index has seen a cumulative increase of 74.21% from the beginning of the year to July 25, yet some high-performing funds are facing scale crises and potential liquidation [2][3] - For instance, Penghua Innovation Medicine A has experienced net redemptions of 1.69 million units and 8.15 million units in the first two quarters of the year, leading to a significant drop in its total assets [2][3] - Other funds, such as the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Industrial Machinery ETF, have also faced substantial redemptions, with a scale reduction of over 90% [3][4] Group 3 - The phenomenon of high-performing funds facing redemptions is attributed to investor sentiment rather than poor performance, with many investors opting to redeem funds that have shown moderate gains [6][7] - The market is currently characterized by rapid sector rotation, and while short-term trends may show strength, the difficulty in chasing high returns is increasing [1][7] - Analysts suggest that the market is transitioning from a capital-driven phase to one focused on fundamentals, indicating a potential shift in investment strategies for the second half of the year [1][8]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The market fluctuated with the overall market this week, rising first and then falling, and it is recommended to focus on intraday short - term trading [2][3][7][8] Group 3: Summary by Relevant Catalogs Futures Market Review - RU2509 opened at 14820, reached a high of 15665, a low of 14780, and closed at 15585, with a gain of +5.23%. NR2509 opened at 12665, reached a high of 13420, a low of 12595, and closed at 13320, with a gain of +5.09%. BR2509 opened at 11710, reached a high of 12525, a low of 11685, and closed at 12415, with a gain of +6.16%. The market rose first and then fell, following the overall market, and the conflict between Thailand and Cambodia intensified the bullish sentiment. The technical chart was volatile after breaking through the upper edge of the previous shock range [3] Spot Market Review - The price of Shanghai Yunnan 2023 state - owned whole latex with 9% tax was 15350 yuan/ton, up 550 yuan/ton from last week. The price of smoked sheets in Qingdao Free Trade Zone was 2330 US dollars/ton, up 30 US dollars/ton from last week. The price of BR9000 in Shanghai was 12200 yuan/ton, up 350 yuan/ton from last week [4] Inventory Situation Review - This week, the inventory of the Shanghai Futures Exchange decreased. The subtotal inventory decreased by 2102 tons to 210814 tons, and the futures inventory decreased by 4620 tons to 182020 tons [5] Market Structure - The basis widened compared with last week, and the futures price increased more [6] Forecast and Operation Strategy - The market rose first and then fell this week, following the overall market. The raw material prices in Thailand varied, with smoked sheets falling and cup rubber and latex rising. The operating rates of tire enterprises declined slightly, the inventory of all - steel tires remained unchanged, and the inventory of semi - steel tires increased. Affected by the rise of other commodities, natural rubber continued to rise, and the conflict between Thailand and Cambodia intensified the bullish sentiment. However, the overall market tumbled on Friday night, indicating a typical capital - driven market. From the perspective of the natural rubber's own fundamentals, the basis for a direct upward price movement is not solid, and it is recommended to focus on intraday short - term trading [7][8]