1. Report Industry Investment Ratings - Cautiously bullish: Index futures, coking coal, coke, rubber [1][8][10] - Sideways pattern: Treasury bonds, gold, industrial silicon, steel (including rebar, hot - rolled coil, iron ore), soda ash, float glass, crude oil, methanol, polyolefins, cotton [1][4][6][8][10] - Bearish bias: Non - ferrous metals (copper, aluminum, nickel), lithium carbonate [4] - Bullish pattern for silver [4] 2. Core Viewpoints - The market has entered an observation period, and commodities may return to fundamental pricing. The risk appetite has cooled, but the long - term logic of anti - involution driving profit repair remains unchanged for A - shares, and the downside risk of the index is relatively controllable. For bonds, the macro - face turnaround needs further confirmation, and the short - term market fluctuates sharply. For precious metals, the short - term dollar rebound affects gold, but the long - term bullish logic for silver remains. For non - ferrous metals, although there are short - term impacts such as tariffs, the medium - to - long - term supply pattern varies by metal. For energy and chemical products, the supply and demand and market sentiment vary, with some facing supply - side constraints and others with demand - side uncertainties. For steel and building materials, the market has returned to fundamental pricing, and the supply - demand contradictions are different for each product. For agricultural products, the supply and demand situation affects the price trends, with some facing weakening upward momentum and others having certain demand support [1][4][6][8][10] 3. Summary by Related Catalogs Commodity Futures General - The market has shifted to an observation period, and commodities may return to fundamental pricing [1] Index Futures - Risk appetite has cooled, but the long - term logic of anti - involution driving profit repair for A - shares remains unchanged. The A - share profit bottom is emerging, and the market trading is still active. The downside risk of the index is relatively controllable [1] Treasury Bonds - The latest PMI data is below expectations, and the market optimism has weakened. The central bank has a net withdrawal in the open market, and the short - term market fluctuates sharply. The upward movement of the bond market needs further confirmation, and short - duration bonds perform relatively stably [1] Precious Metals - Gold: The US economy is cooling moderately, the Fed is not likely to cut interest rates in the short term, and the short - term dollar rebound drags down the gold price. However, the long - term bullish logic remains. - Silver: Although affected by short - term negative factors, the long - term bullish pattern remains, and the gold - silver ratio still has room for repair [4] Non - ferrous Metals - Copper: Trump's copper tariff measures have short - term impacts, but the medium - to - long - term supply of the mining end is still tight, and the COMEX - LME copper premium is expected to be quickly repaired. - Aluminum: The market has differences on the medium - term supply situation. The short - term price is affected by emotions, and the Shanghai aluminum has certain support below. - Nickel: The nickel market remains in an oversupply pattern, and the price is in a low - level sideways range [4] Energy and Chemical Products - Lithium carbonate: The fundamentals are still loose, but the supply - demand structure has marginally improved, and the price may stop falling and move sideways. - Industrial silicon: The market furnace - opening number has slightly increased, and the short - term upward momentum is limited under the short - term position limit. - Crude oil: There are uncertainties in the market before the sanctions are implemented, and the risk premium has increased. - Methanol: The production has increased, and if the production and arrival volume continue to rise in early August, the price may weaken. - Polyolefins: The demand off - season is coming to an end, and the price trend in August and September depends on demand. The tariff trend in early August is crucial [4][6][8][10] Steel and Building Materials - Rebar: The market has returned to fundamental pricing, the supply - demand contradiction is not prominent, and the price may be weakly sideways. - Hot - rolled coil: The supply - demand contradiction accumulates slowly, and the price may be weakly sideways after a rapid decline. - Iron ore: The anti - involution expectation trading is basically over, and it follows the sector's fluctuations. - Soda ash: The fundamental excess pattern remains, and the price is weakly sideways. - Float glass: The fundamentals are better than soda ash, but the demand is affected by the real - estate cycle, and the price is in a sideways pattern [6][8] Agricultural Products - Cotton: The supply - demand upward momentum has weakened, and the price is weakly running. - Rubber: The supply - demand is expected to increase, the short - term contradiction is not prominent, and the price downward driving force has weakened [10]