1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The domestic commodity futures market had a mixed performance overnight, with most black - series and non - metallic building materials rising, and international oil prices surging due to the US - EU trade agreement. The financial market showed different trends, with A - shares rising, Hong Kong stocks slightly falling, and overseas stock markets having mixed performances. The bond and foreign exchange markets also had their own fluctuations [2][20][32]. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - Domestic commodity futures: Most black - series and non - metallic building materials rose, such as a 6.99% increase in coking coal, 5.92% in coke, 5.84% in glass, etc. International oil prices increased, with the US crude oil main contract up 3.81% to $69.25/barrel and Brent crude up 3.53% to $71.77/barrel. International precious metals also rose, while London base metals had a mixed close [2][3]. Important Information Macro - Information - The IMF raised China's 2025 growth rate forecast by 0.8 percentage points to 4.8% due to stronger - than - expected economic activities in the first half of 2025 and lower - than - expected actual tariffs between China and the US [6]. Energy and Chemical Futures - Zhengzhou Commodity Exchange adjusted the trading fees of glass, soda ash, and caustic soda futures contracts. The domestic refined oil price remained unchanged this round as the adjustment amount per ton was less than 50 yuan. Hainan Development's subsidiary carried out kiln shutdown and production reduction [8][10]. Metal Futures - Domestic component companies slightly increased their quotes due to cost pressure, but downstream acceptance was low. The China Photovoltaic Industry Association refuted rumors about the anti - involution work in the photovoltaic industry [12]. Black - Series Futures - The fourth round of coke price increase was fully implemented. Iron ore inventories at major ports in Australia and Brazil decreased slightly, and the inventory at 47 Chinese ports also declined. Zhengzhou Commodity Exchange resumed and added some futures delivery warehouse businesses. The China Iron and Steel Industry Association emphasized the imbalance between supply and demand in the steel industry and called for industry self - discipline [13][15]. Agricultural Product Futures - July's imported soybean arrivals and oil mill crushings remained high, and the expected end - of - July soybean meal inventory was about 1.1 million tons. Indonesia expected to export more palm oil to India in 2025. EU's imports of palm oil, soybean meal, rapeseed, and soybeans decreased compared to last year. Canada's oilseed processing data showed different trends in June [17][18]. Financial Market Finance - A - shares rose in the afternoon, with the Shanghai Composite Index up 0.33%, Shenzhen Component Index up 0.64%, and ChiNext Index up 1.86%. Hong Kong stocks slightly fell, but southbound funds continued to flow into the Hong Kong market, and the annual inflow might exceed HK$1 trillion. The number of A - share stocks with a price of over 100 yuan reached 101. Listed companies actively participated in share repurchases. Hong Kong market's trading volume and market value increased compared to last year [20][21][23]. Industry - Domestic refined oil prices remained unchanged this round. The China Photovoltaic Industry Association refuted rumors about anti - involution work. The State Post Bureau and the Ningbo Banking Association addressed industry involution issues [24][25]. Overseas - Trump set a 10 - day deadline for Russia and Ukraine to reach a cease - fire and threatened economic punishment. There were uncertainties in US - India trade relations. The Fed's voting number for the interest - rate decision decreased. The EU planned to buy $40 billion worth of AI chips from the US. US economic data showed a narrowing trade deficit, changes in housing prices, and job vacancies. The Bank of Korea considered further interest - rate cuts [27][28][31]. International Stock Markets - US stocks fell, while European stocks rose. High - end analysts warned about potential stock price damage from tariffs. Boeing's Q2 revenue increased, while Merck & Co. announced a restructuring. Novo Nordisk and Stellantis faced performance challenges [32][33][35]. Commodities - Domestic commodity futures had a mixed overnight performance, with black - series and non - metallic building materials mostly rising. International oil prices increased due to the US - EU agreement. Precious metals rose, and base metals had a mixed close [2][37][39]. Bonds - The domestic bond market adjusted, with yields rising and Treasury bond futures falling. The issuance of panda bonds in the inter - bank market exceeded 100 billion yuan. US bond yields fell due to trade - friction concerns [40]. Foreign Exchange - The on - shore RMB against the US dollar depreciated, and the US dollar index rose, with most non - US currencies falling [41][43]. Upcoming Events - There are multiple events scheduled, including Chinese central bank's open - market operations, press conferences, interest - rate decisions by central banks, and corporate earnings reports [45].

Core Viewpoint - Silver has emerged as a popular investment option in the precious metals market this year, driven by rising prices and increased participation from individual investors [1][2][9]. Market Dynamics - The price of silver has surged significantly, with the London silver spot price reaching a 14-year high of $39 per ounce on July 23-24, 2023, and a year-to-date increase of 31% in COMEX silver futures, outperforming gold by 5 percentage points [6][9]. - The rise in silver prices is attributed to global risk aversion, geopolitical tensions, and expectations of a shift in U.S. monetary policy, which have created a favorable macroeconomic environment for silver [6][7]. Investor Behavior - There has been a notable increase in the sales of silver bars and bullion, with individual investors showing heightened interest in silver investments, as evidenced by a single investor purchasing 210 kilograms of silver for over 1.8 million yuan [3][10][12]. - Financial institutions are responding to this trend by offering various silver products, including silver jewelry and investment silver ingots, to attract retail investors [4][15][19]. Institutional Perspectives - Analysts are divided on the future trajectory of silver prices. Some believe there is still upward potential due to strong industrial demand and a favorable gold-silver ratio, while others caution that economic growth concerns may limit long-term price increases [22][24]. - Current forecasts suggest that silver prices could rise to between $42 and $44.5 per ounce in the medium to long term, although short-term fluctuations around the $40 mark are expected [25][26].

Market Overview - The State Administration of Foreign Exchange reported that in the first half of 2025, cross-border income and expenditure reached a record high of $7.6 trillion, with a net inflow of $127.3 billion from non-bank sectors, continuing the trend from the second half of last year [1] - The USD/CNY exchange rate appreciated by 1.9% in the first half of the year, with no significant expectations for further appreciation or depreciation in the market [1] Trade Agreements - President Trump announced a trade agreement with Japan, which includes a 15% reciprocal tariff and a $550 billion investment from Japan into the U.S. market, alongside market openings for products like automobiles and rice [1] - The Philippines is set to open its market to the U.S. with zero tariffs, while the U.S. will impose a 19% tariff on imports from the Philippines [1] Monetary Policy - Trump has called for a 3% reduction in interest rates, criticizing the current rates for negatively impacting the housing market [2] - U.S. Treasury Secretary Mnuchin noted that tariff revenues could account for 1% of U.S. GDP, potentially reaching $2.8 trillion over the next decade [2] - The Bank of Japan is expected to maintain its benchmark interest rate at 0.5% in the upcoming meeting, despite recent political developments [2] Global Market Dynamics - U.S. stock indices showed mixed results, with the Dow Jones up 0.4% and the Nasdaq down 0.39% [3] - Precious metals futures saw gains, with COMEX gold futures rising by 1.10% to $3,444.00 per ounce [3] - Oil prices experienced slight declines, with WTI crude oil down 0.76% to $65.45 per barrel [3] - U.S. Treasury yields fell across the board, with the 10-year yield down 3.17 basis points to 4.344% [3] - The U.S. dollar index decreased by 0.49%, while most non-USD currencies appreciated against the dollar [3]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The prices of treasury bond futures generally rose in the previous trading day, with the T2509 contract rising 0.05% and an increase in open interest [2]. - The IRR of the CTD bonds corresponding to the main contracts of each treasury bond futures was at a low level, and there were no arbitrage opportunities [2]. - Short - term market interest rates showed mixed changes. The SHIBOR 7 - day rate remained unchanged, the DR007 rate rose 0.18bp, and the GC007 rate fell 1bp [2]. - Yields of key - term treasury bonds showed mixed changes. The 10Y treasury bond yield fell 0.13bp to 1.66%, and the long - short (10 - 2) treasury bond yield spread was 24.75bp [2]. - The external environment has become more complex, and the "reciprocal tariff" policy has increased global economic uncertainty. The central bank will maintain a supportive monetary policy, which provides some support for treasury bond futures prices. However, the "anti - involution" policy has driven up the prices of some commodities, and the price fluctuations of treasury bond futures may increase in the short term [3]. Group 3: Summary by Related Catalogs Futures Market - **Price and Volume**: The prices of most treasury bond futures contracts rose, with T2509 rising 0.05%. The open interest of T2509 increased, while that of some other contracts showed mixed changes. Trading volumes also varied among different contracts [2]. - **Spreads**: The inter - delivery spreads of some contracts changed. For example, the inter - delivery spread of T2509 increased from - 0.0800 to - 0.055 [2]. - **IRR**: The IRR of the CTD bonds corresponding to the main contracts of each treasury bond futures was at a low level, with no arbitrage opportunities [2]. Spot Market - **Domestic Treasury Bond Yields**: Yields of domestic key - term treasury bonds showed mixed changes. The 6M, 1Y, and 30Y yields rose, while the 2Y, 5Y, 7Y, 10Y, and 20Y yields fell [2]. - **Yield Spreads**: The long - short (10 - 2) treasury bond yield spread was 24.75bp, and other yield spreads also changed [2]. Overseas Market - **Overseas Treasury Bond Yields**: The US 10Y treasury bond yield rose 1bp, the German 10Y treasury bond yield fell 1bp, and the Japanese 10Y treasury bond yield fell 1.4bp [2]. Macro and Industry Information - **Macro News**: The central bank conducted 4505 billion yuan of 7 - day reverse repurchase operations, with a net investment of 3605 billion yuan. Foreign institutions collectively raised their forecasts for China's 2025 GDP growth rate. The US Congress passed two cryptocurrency - related bills, and the US retail sales in June rebounded strongly [3]. - **Industry Information**: On July 17, most money market interest rates declined. The yields of US treasury bonds showed mixed changes, mainly affected by Trump's statements and market interpretations of economic data [3]. Comments and Strategies - Treasury bond futures prices rose slightly, and the yield of the 10 - year treasury bond active bond fell to 1.658%. The central bank's open - market operations maintained a stable market liquidity. The external environment was complex, and the central bank would maintain a supportive monetary policy, which supported treasury bond futures prices. However, short - term price fluctuations might increase [3].

Economic Overview - The core viewpoint of the article highlights the differentiation between new and old economic drivers in the context of China's economic performance, with a GDP of 66.05 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.3% [1] - Fixed asset investment increased by 2.8%, while real estate development investment saw a significant decline of 11.2% [1] - Industrial added value for June grew by 6.8% year-on-year, and retail sales of consumer goods increased by 4.8% [1] Stock Market Insights - The U.S. stock indices experienced a general decline, with the communication sector leading gains and the coal sector facing losses, while market turnover reached 1.64 trillion yuan [2] - The financing balance increased by 9.738 billion yuan to 1.872324 trillion yuan, indicating a favorable environment for long-term investments in the capital market [2] - A-shares are considered to have high investment value, particularly the CSI 500 and CSI 1000 indices, which are expected to benefit from supportive policies [2] Bond Market Analysis - The yield on the 10-year government bond fell to 1.6575%, with the central bank conducting a net injection of 173.5 billion yuan to maintain liquidity [3] - The U.S. CPI rose by 2.7% year-on-year, raising concerns about inflation and trade tensions, which affected U.S. Treasury yields [3] - The central bank is expected to maintain a supportive monetary policy, which may provide some support for bond prices amid increasing global economic uncertainties [3] Lithium Carbonate Market - Weekly lithium carbonate production decreased by 644 tons to 18,123 tons, with upstream production cuts potentially affecting future output expectations [4] - Demand for lithium materials is projected to grow, with phosphate iron lithium production expected to increase by 3% in July [4] - Market sentiment is improving, but there are pressures from hedging activities and no signs of upstream production cuts, suggesting a volatile market environment [4] Consumer Goods and Retail - In June, retail sales of consumer goods reached 42.287 billion yuan, growing by 4.8% year-on-year, with non-automotive retail sales also increasing by 4.8% [8] - For the first half of the year, total retail sales amounted to 245.458 billion yuan, reflecting a year-on-year growth of 5.0% [8]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Trump used high - tariff threats last week but signaled negotiation on Monday, showing tariffs as a negotiation strategy, and the three major US stock indexes closed slightly higher [3] - China's June financial data shows that the social financing scale and RMB loans have improved year - on - year, and the import and export data shows signs of stabilization, indicating overall economic development [3] - The A - share market showed a shrinking trading volume, with the market transitioning from large - financial stocks to resource stocks. The adjustment of the banking sector drove up the individual - stock profit - making effect, but short - term chasing risks should be watched out for [3] Summary by Directory 1. Market Analysis - **Domestic Financial Data**: In the first half of this year, China's social financing scale increment was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year; RMB loans increased by 12.92 trillion yuan. At the end of June, the M2 balance increased by 8.3% year - on - year. The central bank will continue a moderately loose monetary policy [1] - **Domestic Trade Data**: In the first half of this year, China's total value of goods trade imports and exports was 21.79 trillion yuan, a record high for the same period, with exports growing by 7.2% and imports by 2.3% [1] - **Overseas Trade News**: Trump said the US will negotiate on tariffs with other countries and is open to trade negotiations with Europe. The EU will also discuss trade issues with the US, and the US has reached some trade agreements [1] - **Stock Market Performance**: In the spot market, the three major A - share indexes showed mixed trends. The Shanghai Composite Index rose 0.27% to 3519.65 points, while the ChiNext Index fell 0.45%. Most sector indexes rose, with machinery, public utilities, and household appliances leading the gains, and real estate, media, and non - bank finance sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets fell slightly below 1.5 trillion yuan. In overseas markets, the three major US stock indexes closed slightly higher, with the Nasdaq rising 0.27% to 20640.33 points [2] - **Futures Market Situation**: In the futures market, the current - month contract will be delivered this Friday, and the basis is converging. The trading volume and open interest of index futures decreased simultaneously [2] 2. Strategy - Trump's tariff strategy and the positive domestic economic data led to a slightly higher close of US stocks and a shrinking - volume A - share market. The market transitioned, and short - term chasing risks should be noted [3] 3. Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][8][10] 4. Spot Market Tracking Charts - **Stock Index Performance**: On July 14, 2025, the Shanghai Composite Index rose 0.27% to 3519.65 points, the Shenzhen Component Index fell 0.11% to 10684.52 points, the ChiNext Index fell 0.45% to 2197.07 points, the CSI 300 Index rose 0.07% to 4017.67 points, the SSE 50 Index rose 0.00% to 2757.81 points, the CSI 500 Index fell 0.10% to 6020.86 points, and the CSI 1000 Index rose 0.02% to 6462.31 points [13] - Other charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [6][14] 5. Futures Market Tracking Charts - **Position and Volume**: The trading volume and open interest of IF, IH, IC, and IM index futures decreased. For example, the open interest of IF was 80048 (down 83463), and the trading volume was 263468 (down 19160) [6][18] - **Basis**: The basis of index futures showed different changes. For example, the current - month contract basis of IF was - 0.21 (up 12.61) [6][41] - **Inter - period Spread**: The inter - period spreads of index futures also had various changes. For example, the spread between the next - month and current - month contracts of IF was - 14.60 (up 3.40) [6][47]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The inter - bank market's funding situation remained loose on Thursday, with overnight rates oscillating at a low level around 1.36%. The 7 - day weighted average rate dropped 3.79bp to 1.4674%. The central bank's liquidity injection is expected to stay loose due to external uncertainties from trade frictions, but the scope for further loosening of the funding situation is limited as long - term bond yields are relatively low and the inter - bank bond market leverage ratio has risen above 108% [4]. - The stock index continued to fluctuate and rise. The US - Vietnam trade agreement may have a negative impact on China's re - export trade, while the lifting of export restrictions on China by three US chip design software suppliers will boost the relevant A - share electronics sector. In the short term, the stock index may present a volatile pattern due to shrinking trading volume and lackluster domestic and foreign positive factors. In the long term, the Politburo meeting in late July will set the policy tone for the second half of the year. Given the possible deterioration of real estate sales and investment and the overall weakness of consumption, policies are expected to further support domestic demand. Additionally, the uncertain US tariff policy, the approaching Fed rate - cut time, and changes in overseas liquidity and geopolitical patterns will bring phased trading opportunities for the stock index [6]. 3. Summary by Related Catalogs 3.1 Macro - financial Data - **Interest Rates**: DR001 closed at 1.51, down 4.43bp; DR007 at 1.91, down 3.79bp; GC001 at 1.15, down 20.00bp; GC007 at 1.49, down 1.50bp; SHBOR 3M at 1.61, down 1.35bp; LPR 5 - year remained at 3.50; 1 - year treasury bond at 1.34, down 0.50bp; 5 - year treasury bond at 1.49, up 0.50bp; 10 - year treasury bond at 1.65, up 0.10bp; 10 - year US treasury bond at 4.30, up 4.00bp [3]. - **Central Bank Operations**: The central bank conducted 572 billion yuan of 7 - day reverse repurchase operations, with 5093 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 4521 billion yuan [3]. 3.2 Stock Index Market - **Index Performance**: The CSI 300 closed at 3968, up 0.62%; SSE 50 at 2725, up 0.07%; CSI 500 at 5923, up 0.50%; CSI 1000 at 6343, up 0.53%. The trading volume of the Shanghai and Shenzhen stock markets was 13098 billion yuan, a decrease of 672 billion yuan from the previous day. Most industry sectors closed higher, with consumer electronics, biopharmaceuticals, electronic components, chemical pharmaceuticals, batteries, and traditional Chinese medicine sectors leading the gains, while shipbuilding and mining sectors leading the losses [5]. - **Futures Contracts**: IF当月 closed at 3947, up 0.7%; IH当月 at 2708, up 0.2%; IC当月 at 5874, up 0.3%; IM当月 at 6279, up 0.3%. IF trading volume was 73590, up 3.9%, and its open interest was 238967, down 0.2%; IH trading volume was 34173, down 8.3%, and its open interest was 80640, down 2.3%; IC trading volume was 64956, down 0.8%, and its open interest was 220451, up 0.7%; IM trading volume was 162960, down 1.7%, and its open interest was 321768, up 0.8% [5]. - **Premium and Discount Situation**: IF升贴水 was 13.16% for the current - month contract, 8.57% for the next - quarter contract, 5.90% for the current - quarter contract, and 4.85% for the next - month contract; IH升贴水 was 1.87% for the current - month contract; IC升贴水 was 14.74% for the current - month contract, 12.12% for the next - quarter contract, 10.16% for the current - quarter contract, and 19.99% for the next - month contract; IM升贴水 was 13.19% for the current - month contract, 15.26% for the next - quarter contract, 24.26% for the current - quarter contract, and 18.07% for the next - month contract [7].

Market Performance - The majority of government bond futures closed higher, with the 30-year main contract rising by 0.28% to 120.740, the 10-year main contract up by 0.10% to 109.005, the 5-year main contract increasing by 0.06% to 106.205, and the 2-year main contract down by 0.01% to 102.488 [1] - The yields on major interbank bonds mostly declined, with the 30-year government bond yield down by 0.9 basis points to 1.8520%, the 10-year policy bank bond yield down by 0.85 basis points to 1.7175%, the 10-year government bond yield down by 0.25 basis points to 1.6435%, and the 2-year government bond yield up by 0.1 basis points to 1.3660% [1] Funding Conditions - The central bank announced a fixed-rate reverse repurchase operation of 131 billion yuan for 7 days at an interest rate of 1.40%, with a total bid amount of 131 billion yuan and a successful bid amount of 131 billion yuan [2] - On the same day, 406.5 billion yuan of reverse repos matured, resulting in a net withdrawal of 275.5 billion yuan [2] - After the month-end, the funding conditions for banks have returned to a loose state, with overnight pledged repo rates dropping over 14 basis points to 1.36%, and seven-day pledged repo rates declining over 37 basis points [2] Operational Suggestions - As the funding conditions turn loose at the beginning of the month, the overall bond market has rebounded, but there is currently a lack of momentum to break previous highs [3] - Key points to monitor include whether funding rates can further decline, the subsequent fundamental conditions, and whether the central bank will announce government bond trading situations [3] - For government bond futures strategy, it is suggested to appropriately allocate long positions during adjustments, take profit near previous highs, and pay attention to economic data and funding trends [3]

Core Viewpoint - The successful launch of the "Silver Insurance and Futures" project for corn in Tacheng, Xinjiang, marks the first implementation of this initiative in the region, aimed at providing comprehensive support for farmers' income through a collaborative model involving banks, insurance, and futures companies [1][2]. Group 1: Project Overview - The "Silver Insurance and Futures" project is part of the 2025 "Farmers' Income Guarantee Plan" initiated by the Dalian Commodity Exchange, focusing on the "insurance + futures" model to support farmers [1][2]. - The project has a total insured area of 30,000 acres and a project amount of 48 million yuan, with the insurance policy issued to corn farmers completed by June 22 [2]. Group 2: Operational Model - The project employs a "leading enterprise + bank + insurance + futures" model, which helps farmers secure financing and sales through forward purchase orders and income insurance [2][3]. - The model provides four layers of protection for farmers: income insurance, forward purchase contracts, credit support based on the first two protections, and secondary pricing rights after grain sales [2]. Group 3: Financial Implications - This model enhances the safety of agricultural loans for banks by providing a comprehensive risk compensation mechanism, improving the quality and efficiency of financial services [3]. - The China Construction Bank is actively promoting this model to support rural revitalization and enhance the market-based risk-sharing and compensation mechanisms for agricultural loans [3]. Group 4: Strategic Importance - Xinjiang is positioned as a key area for high-quality corn production under the national "14th Five-Year Plan," leveraging its unique resources to build a comprehensive supply chain from high-yield planting to deep processing [4]. - The successful implementation of the "Silver Insurance and Futures" project is expected to pave the way for innovative financial services and contribute to the high-quality development of rural revitalization [4].

Financial Policy and Market Developments - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of an interbank market trading report library and a digital RMB international operation center [3] - The China Securities Regulatory Commission (CSRC) introduced a "1+6" policy to deepen the reform of the Sci-Tech Innovation Board, aiming to enhance market attractiveness and competitiveness [3][4] - The State Administration of Foreign Exchange (SAFE) will implement a package of foreign exchange innovation policies in the free trade pilot zone, including optimizing international trade settlement [3][4] Regulatory and Institutional Support - The Financial Regulatory Bureau and Shanghai Municipal Government jointly released an action plan to support the construction of Shanghai as an international financial center, promoting innovation in technology finance and cross-border finance [3][4] - The CSRC announced that starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-market ETF options trading, aimed at expanding investment opportunities for foreign institutions [3][4] Market Expansion and Investment Opportunities - The Shanghai Futures Exchange will expand the range of commodities available for qualified foreign institutional investors, including natural rubber and lead futures contracts [4] - The Shanghai Stock Exchange is drafting guidelines to support the listing of unprofitable technology companies, enhancing the inclusivity and adaptability of the capital market [3][4] International Financial Cooperation - The Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan was signed, supporting the optimization of free trade account functions and encouraging the use of RMB for cross-border transactions [4] - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, promoting high-quality development of multi-level equity markets [4]