1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints The report analyzes the futures market on August 18, 2025, and forecasts the market trends on August 19, 2025. It also provides macro - economic news and commodity - related information. The A - share market showed a strong upward trend on August 18, and most futures contracts have specific trend expectations for August 19, including strong, weak, wide - range, and consolidation trends [2][15]. 3. Summary by Related Catalogs 3.1 Futures Market Trends Forecast for August 19, 2025 - **Strong - trending Contracts**: IF2509, IH2509, IC2509, IM2509, FG601, M2601 are expected to be strong - trending. For example, IF2509 has resistance levels at 4275 and 4300 points, and support levels at 4238 and 4226 points [2][5][8]. - **Weak - trending Contracts**: T2509, TL2509, AU2510, AG2510, CU2509, AO2601, SI2511, V2601, MA601 are expected to be weak - trending. For instance, AU2510 has support levels at 773.3 and 767.0 yuan/gram, and resistance levels at 777.3 and 781.2 yuan/gram [3][4][6]. - **Wide - range - trending Contracts**: PS2511, LC2511, JM2601, SA601, SC2510 are expected to have wide - range trends. For example, PS2511 has resistance levels at 53700 and 55300 yuan/ton, and support levels at 51200 and 50200 yuan/ton [4][5][6]. - **Consolidating Contracts**: AL2510, RB2510, HC2510, I2601, TA601 are expected to consolidate. For example, AL2510 has support levels at 20540 and 20470 yuan/ton, and resistance levels at 20640 and 20700 yuan/ton [3][5][6]. 3.2 Macro - economic News - The Chinese government emphasizes enhancing macro - policy effectiveness, stabilizing market expectations, and promoting consumption and investment. The real - estate market is expected to stop falling and stabilize [9]. - The US, Ukraine, and other countries have political and economic events, such as the meeting between Trump and Zelensky, and the potential trilateral talks among the US, Russia, and Ukraine. Ukraine may purchase $100 billion worth of weapons from the US and sign a $50 billion drone cooperation production agreement [10]. - The global financial market is waiting for the Jackson Hole Global Central Bank Annual Meeting, and different institutions have different expectations for Fed Chairman Powell's speech [10]. 3.3 Commodity - related Information - On August 18, 2025, due to geopolitical risks, the prices of US and Brent crude oil futures rose. The US crude oil main contract rose 0.97% to $62.58/barrel, and the Brent crude oil main contract rose 0.97% to $66.49/barrel [11]. - International precious metal futures closed with mixed results. COMEX gold futures fell 0.14% to $3378.00/ounce, and COMEX silver futures rose 0.24% to $38.07/ounce [11]. - Most London base metals declined. LME aluminum fell 0.71% to $2588.50/ton, LME zinc fell 0.39% to $2784.00/ton, and LME copper fell 0.22% to $9752.00/ton [12]. 3.4 A - share Market Performance on August 18, 2025 - The A - share market showed a strong upward trend. The Shanghai Composite Index rose 0.85% to 3728.03 points, the Shenzhen Component Index rose 1.73%, the ChiNext Index rose 2.84%, and the North - bound 50 Index rose 6.79%, hitting a new high [15][16]. - The market turnover reached 2.81 trillion yuan, higher than the previous day's 2.27 trillion yuan. The A - share market was driven by various types of funds, including hot money, leveraged funds, private funds, institutional funds, and retail funds [16]. - The number of new accounts opened at securities brokerage departments increased, with the year - on - year increase in new customers generally ranging from 30% to 50% [16].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A - share market has shown a strong upward trend, with multiple indices hitting stage - highs, and both domestic and international institutions are generally optimistic about the subsequent performance of the Chinese stock market [6]. - The global financial market is awaiting the Jackson Hole Global Central Bank Symposium, and different institutions have different expectations for Fed Chairman Powell's speech [8]. - The current slow - bull market in A - shares has entered the middle stage, with a structural rise, and investors should pay attention to the rhythm of investment and avoid chasing up and selling down [18]. Summary According to Relevant Catalogs 1. Macro - economic News - Premier Li Qiang emphasized enhancing macro - policy implementation efficiency, stimulating consumption potential, expanding effective investment, and stabilizing the real estate market [6]. - A - share market indices hit new highs, with the Shanghai Composite Index closing above 3700 points, and the total market capitalization exceeding 100 trillion yuan [6]. - Trump and Zelensky met at the White House, and there may be a trilateral meeting among the US, Russia, and Ukraine. Ukraine will purchase $100 billion worth of weapons from the US and sign a $50 billion drone cooperation production agreement [7]. - The State Council Information Office will hold a press conference on August 20 to introduce parade preparation work [7]. - Deputy Governor Zou Lan of the central bank proposed improving the legal system of movable property guarantee [7]. - The National Medical Insurance Work Symposium announced nine key tasks, including formulating a new payment - by - disease model and exploring centralized procurement after the agreement period [7]. - In the first half of the year, automobile dealers suffered serious losses in new - car business, and the outlook for 2025 is a slight increase or flat [8]. 2. Morning Meeting Views on Main Varieties 2.1 Agricultural Products - Peanut market is in a pattern of weak supply and demand, with prices expected to fluctuate slightly and show a downward trend in the long - term [10]. - On August 18, the sugar futures price rose, and considering the supply and demand situation, short - term long positions can be lightly established near the support level [10]. - Corn futures continued to be weak on August 18, and with a "double - weak" fundamental situation, existing short positions can be held, and new short positions can be established on rebounds [10]. - The spot price of live pigs was stable over the weekend, with a short - term upward trend, but the futures market is bearish [10]. - The spot price of eggs was stable with an upward tendency over the weekend, but the futures market may still decline to repair the basis [12]. - Cotton futures showed weak upward momentum, and with a supply - tight situation in the short - term and expected production increase in the long - term, the price may decline in the short - term [12]. 2.2 Energy and Chemicals - The domestic urea market price increased, and the futures price may fluctuate within the range of 1700 - 1800 yuan/ton [12]. - The price of caustic soda rose, and with the approaching peak demand season, a bullish trading strategy is recommended [12]. - The price of coking coal and coke fluctuated, and the market is in a state of multi - empty game [13]. 2.3 Industrial Metals - The price of copper may continue to oscillate, and the price of aluminum is expected to adjust at a high level [13]. - The supply of alumina increased, and the price is expected to fluctuate within a range [13]. - The price of steel products may fluctuate, with short - term adjustment pressure and medium - term upward momentum [13]. - The price of ferroalloys may fluctuate within a range with a rising center of gravity [15]. - The price of lithium carbonate futures rose, and long positions can be established near the support level [15]. 2.4 Options and Finance - For stock index options on August 18, the A - share market was strong, and different trading strategies are recommended for trend and volatility investors [16]. - In the short - term, for stock indices, attention should be paid to reducing positions in high - valuation and high - deviation indices. The current A - share market is in a slow - bull market, and low - buying opportunities can be sought during sharp declines [17][19].

Group 1 - The A-share market experienced significant growth, with the Shanghai Composite Index reaching a nearly 10-year high, closing at 3728.03 points, up 0.85% [2] - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time, with a trading volume exceeding 2.8 trillion yuan [2] - The National Medical Insurance Administration announced nine key tasks, including the development of a new version of disease-based payment grouping and improvements to maternity insurance [3] Group 2 - The number of state-controlled listed companies disclosing merger and acquisition plans reached 636, totaling 1029 deals, a year-on-year increase of 10.29% [3] - The China Securities Regulatory Commission reported that one new company was accepted for the Sci-Tech Innovation Board, bringing the total number of IPO applications this year to 179 [3] - The railway sector reported over 7.12 million passengers transported since the start of the summer transport season, marking a 4.1% year-on-year increase [3] Group 3 - China Shipbuilding announced that its stock will resume trading on August 19 [4] - China Heavy Industry's application for voluntary delisting has been accepted by the Shanghai Stock Exchange [5] - Leap Motor reported a revenue of 24.25 billion yuan for the first half of the year, a 174% increase year-on-year, with a gross margin of 14.1% [5]