1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On August 27, equity indices fell while CGB futures rose, and commodity futures generally declined, with polysilicon, coking coal, crude oil, and coke leading the drop [10][12] - The Ministry of Commerce will introduce several policy measures to expand service consumption in September [34][35] - From January to July, the total profits of industrial enterprises above designated size nationwide decreased by 1.7% year-on-year [34][35] - In the first seven months of this year, Hong Kong's IPO fundraising surged by over 610% year-on-year to HK$128 billion [36] - From August 14 to 20, allocative foreign capital turned to a net inflow of 6.98 billion yuan, indicating an improvement in the attractiveness of RMB assets [36] 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - On August 27, equity indices fell while CGB futures rose; commodity futures generally declined, with polysilicon, coking coal, crude oil, and coke leading the decline [10][12] - The top three gainers were apple (up 1.5% with a 23.5% month-on-month increase in open interest), nickel (up 1.2% with a 9.5% month-on-month decrease in open interest), and tin (up 0.8% with a 73.8% month-on-month increase in open interest) [10][12] - The top three decliners were polysilicon (down 4.9% with a 12.4% month-on-month increase in open interest), coking coal (down 3.9% with a 1.0% month-on-month increase in open interest), and crude oil (down 3.6% with a 6.5% month-on-month increase in open interest) [11][12] 3.1.2 Daily Raise - Tin - On August 27, tin increased by 0.8% to 271,790 yuan/ton. Under the current tightened mining supply, tin prices are expected to fluctuate, and their volatility may rise [16][20] - The domestic mining end remains tight, and the official resumption of production in Wa State does not change the tight situation. In Indonesia, refined tin exports declined in July, and African tin ore production and export are unstable [17][20] - Smelters face a shortage of raw materials, with low processing fees and a low smelting operating rate. Tin terminal demand has weakened, and inventory destocking is difficult [18][19][20] 3.1.3 Daily Drop 3.1.3.1 Crude Oil - On August 27, crude oil decreased by 3.6% to 479.7 yuan/barrel. Oil prices are expected to fluctuate weakly, and attention should be paid to short-term disturbances from the Russia-Ukraine issue [23][25] - API data shows a small inventory draw in the US. OPEC+ is accelerating supply release, US production is high, and non-US and non-OPEC+ output is growing steadily, leading to persistent supply pressure [24][25] - The high operating rates of Chinese and US refineries may decline due to the accumulation of refined oil inventories, and oil price rebounds remain weak [24][25] 3.1.3.2 Coking Coal - On August 27, coking coal decreased by 3.9% to 1,154 yuan/ton. Supply disruptions persist, and it is difficult to increase supply before the military parade. The market still has support due to the eighth round of coke price increases [28][31][32] - Futures market sentiment has declined, and the market has pulled back. Some coal mines have resumed production, but output is still restricted. The average daily customs clearance at the Ganqimaodu Port remains above 1,000 trucks [29][32] - The eighth round of coke price increases has started, with regional differentiation. Coking production is restricted in some areas, and short-term rigid demand for coking coal has declined slightly. Downstream enterprises are purchasing on demand, and some coal mines have seen inventory accumulation [30][32] 3.2 China News 3.2.1 Macro News - The Ministry of Commerce will introduce several policy measures to expand service consumption in September, aiming to optimize service supply and stimulate new growth in service consumption [34][35] - From January to July, the total profits of industrial enterprises above designated size nationwide were 4,020.35 billion yuan, a year-on-year decrease of 1.7%. In July, the profits of these enterprises decreased by 1.5% year-on-year [34][35] 3.2.2 Industry News - In the first seven months of this year, there were 51 IPOs in Hong Kong, and the fundraising amount surged by over 610% year-on-year to HK$128 billion. As of the end of July, over 220 IPO applications were under review [36] - From August 14 to 20, allocative foreign capital turned to a net inflow of 6.98 billion yuan, with passive allocative foreign capital having a net inflow of 6.84 billion yuan and active allocative foreign capital having a net inflow of 140 million yuan, indicating an improvement in the attractiveness of RMB assets [36]

Core Insights - Sichuan Province has been actively working to overcome adverse factors such as high temperatures and flood periods since July, focusing on enhancing the construction coordination and resource support for key projects [1] Investment Performance - From January to July, 810 key provincial projects completed an investment of 584.47 billion yuan, achieving an annual investment completion rate of 73.8% [1] - Infrastructure projects accounted for 244.69 billion yuan with a completion rate of 70.3% [1] - Industrial projects saw an investment of 310.1 billion yuan, reaching a completion rate of 76.9% [1] - Social welfare and livelihood projects completed investments of 21.16 billion yuan, with a completion rate of 74.1% [1] - Ecological construction and environmental protection projects achieved an investment of 8.53 billion yuan, with a completion rate of 72.5% [1] Project Status - Among the ongoing projects, 532 projects including Chengdu Shuangliu International Airport renovation and G5 Jingkun Expressway expansion completed investments of 478.84 billion yuan, with an annual completion rate of 78.8% [1] - 215 new projects such as the Northern Chemical Energy Chemical Park and Dixin Auto Parts Production Base are under construction as planned [1]

1. Report Industry Investment Ratings - **Foreign Exchange Futures (US Dollar Index)**: The US dollar index is expected to move in a volatile manner [15]. - **US Stock Index Futures**: The upward trend of US stocks has not reversed. After a short - term correction, investors can still buy on dips [19]. - **Stock Index Futures**: Allocate evenly among various stock indices [22]. - **Treasury Bond Futures**: Be cautious with naked long positions on a single side. If there are stock positions, consider using long bonds to hedge potential stock corrections [25]. - **Agricultural Products (Soybean Meal)**: The futures price is expected to be volatile. Pay attention to the development of Sino - US relations and the weather in US soybean - producing areas [27]. - **Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil)**: In the short term, the oil market is expected to remain volatile. Wait for the release of Malaysian palm oil data for August and the USDA's September supply - demand report [30]. - **Agricultural Products (Cotton)**: In the short term, Zhengzhou cotton is expected to be volatile. The upside space is limited. In the fourth quarter, the market for new cotton is not optimistic [34]. - **Black Metals (Rebar/Hot - Rolled Coil)**: Adopt a short - term volatile trading strategy for steel prices [39]. - **Black Metals (Coking Coal/Coke)**: The futures price has short - term adjustment pressure, but there is strong support below after the adjustment [42]. - **Agricultural Products (Corn Starch)**: The current corn starch price difference has fallen to a low level. The space for further weakening is expected to be small. Pay attention to the driving factors for widening the spread [44]. - **Agricultural Products (Corn)**: Hold short positions and 11 - 3 inverse spreads. If the 11 - 1 spread strengthens significantly, also pay attention to inverse spread opportunities [45]. - **Agricultural Products (Hogs)**: Hold a short - term view of a volatile and weak trend for single - side trading. Continuously look for inverse spread opportunities [48]. - **Black Metals (Steam Coal)**: The coal price is expected to continue its seasonal weakness [50]. - **Black Metals (Iron Ore)**: The iron ore price is expected to be volatile. The molten iron output is expected to decline by 3 - 40,000 tons next week and then rebound. However, the overall black metal fundamentals are becoming more burdensome [52]. - **Agricultural Products (Red Dates)**: Adopt a wait - and - see approach. Focus on the weather in the producing areas and subsequent on - the - spot research [55]. - **Non - Ferrous Metals (Lead)**: In the short term, adopt a wait - and - see approach for both single - side trading and arbitrage [57]. - **Non - Ferrous Metals (Zinc)**: For single - side trading, maintain a wait - and - see view. For arbitrage, pay attention to medium - term positive spread opportunities. For domestic - foreign spreads, maintain a positive spread strategy before overseas inventories bottom out [60]. - **Non - Ferrous Metals (Lithium Carbonate)**: Pay attention to opportunities for buying on dips and positive spreads [63]. - **Non - Ferrous Metals (Copper)**: For single - side trading, recommend buying on dips. For arbitrage, maintain a wait - and - see approach [67]. - **Non - Ferrous Metals (Nickel)**: In the short term, pay attention to band trading opportunities. For the medium - term, pay attention to opportunities for shorting on rallies [71]. - **Energy Chemicals (Crude Oil)**: Maintain a short - term range - bound trading strategy [73]. - **Energy Chemicals (Caustic Soda)**: Be cautious when chasing high prices [76]. - **Energy Chemicals (Pulp)**: The pulp market is expected to be volatile and weak [78]. - **Energy Chemicals (PVC)**: The PVC market is expected to be volatile [81]. - **Energy Chemicals (Styrene)**: The styrene market is expected to be volatile. Pay attention to domestic and foreign policy variables [83]. - **Energy Chemicals (Bottle Chips)**: Pay attention to the pressure on processing fees caused by the restart of plants in September and the launch of new production capacity [86]. - **Shipping Index (Container Freight Rate)**: The freight rate is expected to continue to decline [89]. 2. Core Views - **Financial Sector**: The US dollar index is affected by the EU's potential secondary sanctions on Russia. US stocks are affected by Nvidia's earnings report and the Fed's interest - rate policy expectations. Chinese stock index futures are influenced by policies to expand service consumption and industrial enterprise profits. Treasury bond futures are affected by industrial enterprise profits and the central bank's open - market operations [14][18][21]. - **Commodity Sector**: Agricultural products are affected by factors such as Sino - US relations, weather, and inventory. Black metals are affected by infrastructure investment, downstream demand, and production restrictions. Non - ferrous metals are affected by macro - economic factors, supply - demand relationships, and enterprise production data. Energy chemicals are affected by inventory, supply - demand, and seasonal factors. Shipping indices are affected by port construction and supply - demand in the shipping market [27][38][56][72][88]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - Ukraine and the US will hold a meeting on the 29th. The French prime minister will meet with the opposition to avoid a trust vote. The EU is considering secondary sanctions on Russia, which may cause the US dollar index to fluctuate [12][13][14]. 3.1.2 Macro Strategy (US Stock Index Futures) - Nvidia's earnings report is slightly below expectations, but the trend of technology giants increasing AI capital expenditure remains unchanged. With the expectation of interest - rate cuts, US stocks are expected to continue to be volatile and strong [16][18]. 3.1.3 Macro Strategy (Stock Index Futures) - The Ministry of Commerce will introduce policies to expand service consumption in September. The decline in industrial enterprise profits in July has narrowed, but the effect of anti - involution policies remains to be seen [20][21]. 3.1.4 Macro Strategy (Treasury Bond Futures) - From January to July, the profit growth rate of industrial enterprises above the designated size decreased by 1.7% year - on - year. The central bank conducted 379.9 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 236.1 billion yuan. Treasury bonds lack the opportunity for continuous upward movement unless the stock market adjusts continuously or the central bank's monetary policy turns unexpectedly loose [23][24]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - In September, the estimated arrival of imported soybeans at domestic oil mills is about 10.3025 million tons. It is expected that the arrival in October will be 9 million tons and 7.5 million tons in November. Sino - US relations are the most important uncertain factor affecting the futures price [26][27]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - From August 1st to 25th, Malaysia's palm oil exports increased by 36.41% month - on - month. The short - term oil market is expected to be volatile, waiting for data guidance [28][30]. 3.2.3 Agricultural Products (Cotton) - New cotton picking in Xinjiang is expected to be advanced. The growth progress of US cotton is slow, but the excellent - good rate is high. The cotton market is expected to be volatile in the short term, and the market in the fourth quarter is not optimistic [31][34]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - From January to July, 19,800 urban old - community renovation projects started nationwide. In July, transportation fixed - asset investment was 306.1 billion yuan. Steel prices are expected to be volatile, and the upward space is limited [35][38]. 3.2.5 Black Metals (Coking Coal/Coke) - The coking coal market in the southwest is stable. The coking coal futures price has short - term adjustment pressure, but there is strong support below after the adjustment [40][42]. 3.2.6 Agricultural Products (Corn Starch) - The industry's operating rate has decreased slightly, and inventory has also decreased slightly. The price difference between corn starch and corn has fallen to a low level, and the space for further weakening is limited [43][44]. 3.2.7 Agricultural Products (Corn) - The inventory in the northern ports has decreased, and the grain inventory in the southern ports has increased slightly. The corn market is expected to be weak, and short positions can be held [45]. 3.2.8 Agricultural Products (Hogs) - The revenue and net profit of Muyuan Co., Ltd. increased significantly in the first half of the year. The short - term hog market is expected to be volatile and weak, and inverse spread opportunities can be explored [47][48]. 3.2.9 Black Metals (Steam Coal) - The import volume of coal in Southeast Asia has decreased. The coal price is expected to continue its seasonal weakness [49][50]. 3.2.10 Black Metals (Iron Ore) - Fortescue's iron ore shipments reached 198.4 million tons in FY25. The iron ore price is expected to be volatile, and the molten iron output is expected to decline and then rebound [51][52]. 3.2.11 Agricultural Products (Red Dates) - The main - producing areas of red dates have entered the sugar - increasing period. The red - date futures price is expected to be volatile, and a wait - and - see approach is recommended [54][55]. 3.2.12 Non - Ferrous Metals (Lead) - On August 26th, the [LME0 - 3 lead] was at a discount of $38.74 per ton. The lead market is in a situation of weak supply and demand, and a wait - and - see approach is recommended [56][57]. 3.2.13 Non - Ferrous Metals (Zinc) - On August 26th, the [LME0 - 3 zinc] was at a discount of $4.61 per ton. The zinc market is affected by macro - economic factors and supply - demand relationships. A wait - and - see approach is recommended for single - side trading, and positive spread opportunities can be explored for arbitrage [58][60]. 3.2.14 Non - Ferrous Metals (Lithium Carbonate) - The phosphoric acid iron - lithium industry has proposed an initiative to resist malicious price competition. The short - term lithium carbonate market is expected to have a bottom - support, and opportunities for buying on dips and positive spreads can be explored [61][63]. 3.2.15 Non - Ferrous Metals (Copper) - The copper market is affected by the Fed's interest - rate expectations and macro - economic factors. The copper price is expected to be volatile at a high level, and buying on dips is recommended for single - side trading [66][67]. 3.2.16 Non - Ferrous Metals (Nickel) - Eramet plans to increase its nickel - ore production to 42 million tons this year. The nickel market is affected by supply - demand relationships, and band trading opportunities can be explored in the short term, and shorting on rallies in the medium - term [69][71]. 3.2.17 Energy Chemicals (Crude Oil) - The US EIA's commercial crude oil and refined - oil inventories have decreased. The oil price is expected to be range - bound in the short term [72][73]. 3.2.18 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong has increased slightly. The caustic - soda market is expected to be stable in the short term, and caution is required when chasing high prices [74][76]. 3.2.19 Energy Chemicals (Pulp) - The price of imported wood pulp has declined. The pulp market is expected to be volatile and weak [77][78]. 3.2.20 Energy Chemicals (PVC) - The price of PVC powder has decreased. The PVC market is expected to be volatile [79][81]. 3.2.21 Energy Chemicals (Styrene) - The inventory of styrene in East China ports has increased. The styrene market is expected to be volatile, and domestic and foreign policy variables should be monitored [82][83]. 3.2.22 Energy Chemicals (Bottle Chips) - The export quotes of bottle - chip factories are mostly stable, with some slightly decreasing. The bottle - chip market is expected to be affected by plant restarts and new production capacity [84][86]. 3.2.23 Shipping Index (Container Freight Rate) - Portugal plans to invest nearly 4 billion euros in port upgrading. The container freight rate is expected to continue to decline [87][89].

Core Viewpoint - Junzheng Group has demonstrated strong financial performance in the first half of 2025, focusing on energy chemicals and chemical logistics, while emphasizing green and low-carbon innovation development [1][2]. Financial Performance - In the first half of 2025, Junzheng Group achieved operating revenue of 12.66 billion yuan, a year-on-year increase of 8.59% - The net profit attributable to shareholders was 1.92 billion yuan, reflecting a year-on-year growth of 26.82% - The net cash flow from operating activities reached 2.594 billion yuan, up 187.47% year-on-year [1]. Business Operations - The company has a methanol production capacity of 550,000 tons, BDO production capacity of 300,000 tons, and PTMEG production capacity of 120,000 tons, along with a power generation capacity of 1.635 million kilowatts [2]. - Junzheng Group is developing a green low-carbon biodegradable plastic recycling industry chain project, which is expected to be fully operational by 2024, transforming low-value chemical raw materials into high-value fine chemical products [2]. Environmental Initiatives - The company is enhancing its pollution prevention system and resource recycling, focusing on energy conservation and emission reduction through optimized production processes and advanced water resource management [3]. - Junzheng Group has implemented pollution control measures on its vessels and is committed to reducing emissions in compliance with regulations [3]. Technological Advancements - The company is leveraging technology to improve its quality inspection management system, aiming for full automation and information integration in its processes [4]. - Junzheng Group plans to introduce fully automated sampling equipment to enhance operational efficiency and quality control [4]. Future Development Strategy - The company is focused on expanding its industrial chain, increasing investment in research and development for energy conservation, product upgrades, and process optimization [4]. - Junzheng Group is also exploring new business models in shipping and container logistics, while strengthening its global network [4].

Core Viewpoint - Shaanxi Province has actively engaged in international scientific and technological cooperation, particularly with countries involved in the "Belt and Road" initiative, resulting in significant project implementations and partnerships over the past three years [1][3]. Group 1: International Cooperation Projects - Over the past three years, Shaanxi has implemented 349 international scientific and technological cooperation projects with countries and regions participating in the "Belt and Road" initiative [1][3]. - The province has established solid relationships with over 150 institutions from more than 60 countries and regions [1][3]. - A total of 151 international patents have been applied for as a result of these cooperative efforts [1]. Group 2: Joint Laboratory and Technology Cooperation - Shaanxi has collaborated with 49 scientific innovation entities from 37 countries in the construction of joint laboratories [3]. - Agreements for bilateral and multilateral cooperation have been signed with 47 innovative entities from 15 countries [3]. - The cooperation spans various fields, including aerospace, electronic information, new materials, energy and chemicals, health, green building, and modern agriculture [3]. Group 3: Key Technological Breakthroughs - Shaanxi's innovation entities have achieved breakthroughs in critical core technologies through international cooperation projects [4]. - Notable examples include a collaboration between Xi'an Jiaotong University and the National University of Singapore to address global challenges in lithium battery energy density and lifespan [4]. - Another example is the partnership between Xi'an University of Electronic Science and Technology and the University of Trento in Italy, focusing on efficient microwave wireless power transmission for space stations [4]. Group 4: Future Cooperation Plans - Shaanxi plans to deepen technological cooperation with Central Asian countries, supporting projects such as climate change research with Uzbekistan and the "Silk Road Heritage Digital Activation and Sharing Project" [5].

1. Report Industry Investment Ratings - **Bullish**: Gold, Silver, Copper, Crude Oil, Fuel Oil, Pork, Bitumen (bullish on short - term rebound), Liquefied Petroleum Gas (LPG), Combustion Fatigue [1] - **Bearish**: Asphalt, Short - fiber, Hemp, Urea (limited upside), PE (price oscillates weakly), Container Shipping to Europe [1] - **Neutral (Oscillating)**: Treasury Bonds, Aluminum, Alumina, Zinc, Nickel, Stainless Steel, TV4E, Polysilicon, Lithium Carbonate, Rebar, Hot - rolled Coil, Iron Ore, Manganese Silicon, Ferrosilicon, Glass, Soda Ash, Coke, Coal Coke, Cotton, Sugar, New - season Corn, New - season Soybeans, Pulp, Logs, PTA, Ethylene Glycol, PVC, Spot Goods [1] 2. Core Viewpoints - The current market liquidity is still abundant, with A - share trading volume exceeding 2 trillion, and the Shanghai Composite Index breaking through the previous high of "924". Under internal and external favorable factors, market sentiment is good, and stock index futures may continue to run strongly [1]. - The asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - The dovish stance of the Fed Chairman boosts the September interest - rate cut expectation, which is beneficial to precious metals and copper prices in the short term [1]. - In the non - ferrous metal sector, most varieties are affected by macro - sentiment and their own fundamentals, showing different trends such as oscillation and rebound [1]. - In the black metal sector, most varieties are in an oscillating state due to neutral valuation, unclear industrial drive, and warm macro - drive [1]. - In the agricultural product sector, different varieties are affected by factors such as supply - demand relationship, seasonal factors, and policy, showing different trends [1]. - In the energy and chemical sector, different products are affected by factors such as production capacity, supply - demand relationship, and macro - policy, with different investment ratings [1]. 3. Summary by Related Catalogs Macro - finance - **Stock Index Futures**: May continue to run strongly due to abundant liquidity and good market sentiment [1] - **Treasury Bonds**: Oscillate as the asset shortage and weak economy are beneficial, but the central bank warns of interest - rate risks [1] - **Gold and Silver**: Bullish as the Fed Chairman's dovish stance boosts the September interest - rate cut expectation [1] - **Copper**: Bullish as the Fed Chairman's dovish stance boosts the Fed's interest - rate cut expectation [1] - **Aluminum**: Oscillates as the Fed's interest - rate cut expectation rises, but domestic downstream demand is under pressure in the off - season [1] - **Alumina**: Consider far - month long - position layout opportunities as production and inventory increase, but bauxite shipments decline in the rainy season in Guinea [1] Non - ferrous Metals - **Zinc**: Rebounds due to improved macro - sentiment, but the upside space is limited due to large domestic fundamental pressure [1] - **Nickel**: Oscillates and rebounds following the macro - situation, with attention paid to supply and macro - changes. Long - term excess of primary nickel still suppresses prices [1] - **Stainless Steel**: Oscillates and rebounds in the short term, affected by the macro - situation. Pay attention to the actual production of steel mills and short - term trading opportunities [1] - **Tin**: The tin price is boosted by improved macro - sentiment, with short - term weak supply and demand. Pay attention to the seasonal maintenance of Yunnan smelters [1] Energy and Chemicals - **TV4E**: Oscillates due to supply resumption in the southwest and northwest, large hedging pressure, and strong market sentiment [1] - **Polysilicon**: Oscillates with long - term production - capacity reduction expectation, low terminal installation willingness, and considerable profits [1] - **Lithium Carbonate**: Oscillates due to frequent resource - end disturbances and limited subsequent restocking space after large short - term restocking by downstream [1] Black Metals - **Rebar and Hot - rolled Coil**: Oscillate as the valuation returns to neutral, the industrial drive is unclear, and the macro - drive is warm [1] - **Iron Ore**: Oscillates as the near - month is restricted by production cuts, but the commodity sentiment is good, and the far - month has upward opportunities [1] - **Manganese Silicon and Ferrosilicon**: Oscillate, following the black - metal sector in the short term with long - term anti - involution [1] - **Glass and Soda Ash**: Oscillate weakly as the reality is weak, and the market focuses on fundamentals [1] - **Coke and Coal Coke**: Oscillate weakly as the steel inventory accumulates faster than seasonally, and the market suppresses supply by lowering steel prices [1] Agricultural Products - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Have different price trends due to factors such as supply - demand relationship, production reduction, and policy [1] - **Cotton**: Increases in the short term, with the near - month squeeze - out logic dominant. Pay attention to the time window and quota release [1] - **Sugar**: Runs strongly but with limited upside. Pay attention to the 5600 - 6000 range [1] - **New - season Corn and New - season Soybeans**: Oscillate at low levels or due to factors such as harvest pressure and import - cost support [1] - **Pulp**: Consider the 11 - 1 reverse spread as the 11 - contract is under pressure from old warehouse receipts [1] - **Logs**: Oscillate between 790 - 810 yuan/m³ as the valuation is reasonable [1] - **Pork**: Bullish as the near - month contract is weak, and there are peak - season expectations for 11 and 01 contracts [1] Energy and Chemicals - **Crude Oil and Fuel Oil**: May rebound in the short term as the previous pessimistic expectation is corrected, OPEC+ continues to increase production, and there is a short - term rebound demand [1] - **Asphalt**: Bearish as the short - term supply - demand contradiction is not prominent, and the "14th Five - Year Plan" rush - work demand is likely to be falsified [1] - **Natural Rubber and BR Rubber**: Have different trends due to factors such as rainfall in domestic producing areas, inventory, and market sentiment [1] - **PTA and Ethylene Glycol**: Have different supply - demand situations and price trends [1] - **Short - fiber and Hemp**: Bearish due to factors such as increased factory maintenance and weakening market trading [1] - **Urea**: Oscillates with limited upside due to weak export sentiment and insufficient domestic demand, but with cost - end support [1] - **PE, PP, and PVC**: Oscillate due to factors such as maintenance, orders, and macro - sentiment [1] - **LPG**: Runs strongly due to factors such as capacity reduction expectations, tariff extensions, and supply - demand changes [1] Other - **Container Shipping to Europe**: The freight rate is expected to decline as the September supply exceeds the same - period level, and the high - price quotes are expected to converge [1]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The A-share market shows a rotation pattern with mild adjustments, and investors are recommended to take protective and income - earning measures in stock index futures [2][3][4]. - The bond market sentiment continues to warm up, and there are opportunities for short - term light - position buying in Treasury bond futures [5][6]. - Gold prices are strong due to the weakening of the US dollar, and silver prices are affected by industrial products [7][9][10]. - The shipping index shows a downward trend, and the container shipping futures are expected to be weakly volatile [12][13]. - The prices of non - ferrous metals show different trends based on their respective fundamentals, with some being in a state of shock and some having clear directional expectations [14][17][19][22][24][28][31][33][36][40]. - The steel market may have a high - level shock pattern, and there are opportunities for long - position attempts; the iron ore market may rebound, and the coking coal and coke markets can be considered for long - position operations [41][43][44][46][47][50][51][52]. - The price trends of agricultural products vary. The long - term outlook for meal products is positive, the price of live pigs is weakly volatile, the corn price is weakly oscillating, and the sugar price is in a state of high - level or bottom - grinding oscillation [53][56][57][58][59][60][61]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: On Tuesday, the A - share market showed a differentiated performance. The main stock index futures contracts also showed differentiation. The policy of "Artificial Intelligence +" was introduced, and there were international trade and tariff news. It is recommended to buy out - of - the - money put options in September to protect long positions and sell out - of - the - money put options in December to obtain time - value income [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed up across the board. The central bank's open - market operations led to a net withdrawal of funds, but the inter - bank market funds were abundant. It is recommended to buy Treasury bond futures on dips in the short term [5][6]. Precious Metals - Gold prices strengthened due to the weakening of the US dollar caused by the US tariff threat and the challenge to the "independence" of the Federal Reserve. Silver prices were affected by industrial products. It is recommended to use a bull - spread strategy for gold and hold long positions in silver above $38 [7][9][10]. Container Shipping on European Routes - The spot quotations of shipping companies are slowly falling, and the shipping index is declining. The global container shipping capacity is increasing, and the demand data shows certain characteristics. The futures are expected to be weakly volatile, and it is recommended to hold short positions in the October contract [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: The spot price increased slightly. The Fed's dovish stance improved the interest - rate cut expectation. The supply and demand showed a "weak reality + stable expectation" state. It is recommended to pay attention to the range of 78,500 - 80,500 [14][15][17]. - **Alumina**: The spot price showed a north - south differentiation. The supply was in excess, and the futures price dropped significantly. It is recommended to pay attention to the range of 3,000 - 3,300 and consider short - position layout in the medium term [17][18][19]. - **Aluminum**: The spot price was stable. The macro - environment improved, and the demand in the peak season was expected to be verified. It is recommended to pay attention to the range of 20,400 - 21,000 [19][20][22]. - **Aluminum Alloy**: The spot price was stable. The supply of scrap aluminum was tight, and the demand showed marginal improvement. It is recommended to pay attention to the range of 20,000 - 20,600 [22][23][24]. - **Zinc**: The spot price decreased slightly. The supply was loose, and the demand was in the off - season. It is recommended to pay attention to the range of 22,000 - 23,000 [25][26][28]. - **Tin**: The spot price increased slightly. The supply was affected by the situation in Myanmar, and the demand was weak. It is recommended to wait and see [28][29][31]. - **Nickel**: The spot price increased slightly. The supply was at a high level, and the demand was stable. It is recommended to pay attention to the range of 118,000 - 126,000 [31][32][33]. - **Stainless Steel**: The spot price was stable. The cost was supported, and the demand was weak. It is recommended to pay attention to the range of 12,600 - 13,400 [34][35][36]. - **Lithium Carbonate**: The spot price decreased. The market sentiment was weak, and the supply and demand were in a tight - balance state. It is recommended to wait and see [37][38][40]. Black Metals - **Steel**: The spot price decreased. The cost was less supportive, and the profit decreased. The supply increased, and the demand decreased in August. It is recommended to try long - position operations [41][42][43]. - **Iron Ore**: The spot price decreased. The global shipment decreased, and the port inventory decreased slightly. It is recommended to buy on dips and conduct 1 - 5 positive spreads [44][45][46]. - **Coking Coal**: The futures price was weakly volatile. The supply increased, and the demand decreased in the short term. It is recommended to buy the 2601 contract on dips and conduct long - coking - coal and short - coke spreads [47][48][50]. - **Coke**: The futures price was weakly volatile. The seventh - round price increase was implemented, and the eighth - round was proposed. The supply was expected to increase, and the demand was in a high - level fluctuation. It is recommended to buy the 2601 contract on dips and conduct long - coking - coal and short - coke spreads [51][52]. Agricultural Products - **Meal Products**: The spot price of soybean meal decreased, and the trading volume changed. The US soybean data showed certain trends, and there were international trade news. The long - term outlook is positive [53][54][56]. - **Live Pigs**: The spot price was weakly volatile. The breeding profit decreased, and the average weight increased. It is recommended to wait and see or consider long - position layout in the far - month 01 contract below 14,000 [57][58]. - **Corn**: The spot price was weakly volatile. The supply increased, and the demand was weak. The short - term is weakly oscillating, and the medium - term supply pressure is significant [59][60]. - **Sugar**: The international sugar price is expected to be in the range of 15 - 17 cents per pound, and the domestic sugar price is expected to be weakly oscillating [61].

Core Viewpoint - Guanghui Energy Co., Ltd. has announced the progress of its guarantee implementation for July 2025, detailing changes in guarantee amounts and the overall guarantee balance as part of its operational strategy to support its subsidiaries and joint ventures [1][2]. Summary by Sections 1. Guarantee Amount and Balance - In July 2025, the company increased the guarantee amount by 43,553.71 million yuan and decreased it by 57,360.48 million yuan, resulting in a total guarantee balance of 1,327,149.08 million yuan as of July 31 [1][2][4]. 2. Expected Guarantee for 2025 - The company has approved a total expected guarantee amount not exceeding 20 billion yuan for 2025, with a net increase of guarantees expected to be no more than 6 billion yuan. This includes 5.71 billion yuan for subsidiaries and 3.3 billion yuan for companies with an asset-liability ratio above 70% [1][4]. 3. Implementation of Guarantees in July 2025 - The company has provided detailed monthly disclosures regarding its guarantee activities, with specific amounts allocated to various subsidiaries and joint ventures, ensuring that the total does not exceed the approved limits [2][3]. 4. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable to ensure the normal operation of the subsidiaries and joint ventures, which are reported to have stable operations and good credit status, thus minimizing risks [4]. 5. Cumulative Guarantee Amount and Overdue Guarantees - As of July 31, the cumulative guarantee balance was 1,327,149.08 million yuan, accounting for 49.17% of the company's latest audited equity. There are no overdue guarantees reported [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market shows complex trends, with different sectors presenting diverse performances. In the stock index futures market, A - shares are booming, while the bond market has a certain degree of repair. The precious metals market is affected by the Fed's interest - rate cut expectations and geopolitical factors. The shipping futures market is weak, and the non - ferrous metals, black metals, and agricultural product markets also have their own characteristics and influencing factors [2][5][7] - For different sectors, corresponding investment strategies are proposed based on their fundamentals and market trends, such as buying put options in the stock index futures market, maintaining a wait - and - see attitude in the bond market, and taking different positions in other sectors according to their specific situations [4][6][12] 3. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On Monday, A - shares opened higher and continued to rise. The Shanghai Composite Index rose 1.51%, the Shenzhen Component Index rose 2.26%, and the ChiNext Index rose 3%. The four major stock index futures contracts also rose, and the basis of the main contracts all increased [2][3] - **News**: Shanghai optimized the housing provident fund policy, and there were important meetings between South Korea and Japan overseas [3][4] - **Funding**: On August 25, the A - share trading volume increased significantly, with a total turnover of over 3 trillion. The central bank conducted 2884 billion yuan of 7 - day reverse repurchase operations, with a net investment of 219 billion yuan [4] - **Operation Suggestion**: It is recommended to buy 09 out - of - the - money put options to protect long positions and sell 12 out - of - the - money put options to obtain time - value income [4] Bond Futures - **Market Performance**: Bond futures closed sharply higher, with the 30 - year main contract rising 0.78%, the 10 - year main contract rising 0.27%, etc. The yields of major interest - rate bonds in the inter - bank market generally declined significantly [5] - **Funding**: The central bank's MLF operation showed its intention to support the market. Although the stock market was hot in the short term, the overall liquidity was expected to be stable under the policy [6] - **Operation Suggestion**: Temporarily maintain a wait - and - see attitude, pay attention to whether the key points are broken through, and observe whether the sentiment can continue to stabilize [6] Financial Derivatives - Precious Metals - **Market News**: Trump's administration planned to impose a 50% tariff on Indian products, and there were meetings between the US and South Korea. The Fed's attitude towards interest - rate cuts was divided, and the geopolitical situation in Russia and Ukraine was easing [7][8] - **Market Performance**: The US dollar index rebounded, and precious metals slightly declined. The international gold price closed at 3365.95 US dollars per ounce, down 0.17%, and the international silver price closed at 38.55 US dollars per ounce, down 0.69% [8] - **Outlook**: Gold may冲击 the previous high of 3450 US dollars, and it is recommended to construct a bull spread strategy. Silver prices are generally strong, and it is recommended to hold long positions above 38 US dollars [9][10] - **Funding**: Under the expectation of the Fed's interest - rate cut, financial institutions in Europe and the US continued to increase their holdings of gold and silver through ETFs [10] Financial Derivatives - Shipping Futures - **Spot Quotation**: As of August 26, the spot quotations of major shipping companies showed a downward trend [11] - **Shipping Index**: As of August 25, the SCFIS European line index and the US West line index both declined [11] - **Fundamentals**: The global container shipping capacity increased year - on - year, and the PMI data of the eurozone and the US showed different situations [11] - **Logic**: The decline of the SCFIS European line may suppress market sentiment, and the downward trend of spot prices will put pressure on the futures market [12] - **Operation Suggestion**: It is expected to be weakly volatile, and it is recommended to hold short positions in the 10 - contract [12] Non - Ferrous Metals Copper - **Spot**: As of August 25, the average price of electrolytic copper increased, and the downstream mainly made rigid - demand purchases [13] - **Macro**: The Fed's dovish stance boosted the market's expectation of an interest - rate cut in September, but there were still uncertainties about the subsequent interest - rate cut [13][16] - **Supply**: The spot TC of copper concentrate was at a low level, and the domestic electrolytic copper production in July increased significantly year - on - year [14] - **Demand**: The processing and terminal demand showed different trends, with the overall demand having certain resilience [15] - **Inventory**: The three - place copper inventory decreased [15] - **Logic**: The macro situation and fundamentals jointly affect copper prices. In the absence of a clear recession expectation in the US, copper prices will at least remain volatile [16] - **Operation Suggestion**: The main contract is expected to be in the range of 78500 - 80500, with a short - term view of oscillation [16] Alumina - **Spot**: The spot price of alumina showed a north - south differentiation, with the northern region under pressure and the southern region relatively supported [16] - **Supply**: In July, the production of metallurgical - grade alumina in China increased year - on - year and month - on - month, and the operating capacity was expected to increase slightly in August [17] - **Inventory**: The port inventory decreased, and the registered warehouse receipts increased [17] - **Logic**: The market is in a game between short - term supply disturbances and medium - term capacity relaxation. The price is expected to be in the range of 3000 - 3300 yuan per ton [18] - **Operation Suggestion**: The main contract is expected to operate in the range of 3000 - 3300, with a view of wide - range oscillation and short - selling on rallies in the medium term [18] Aluminum - **Spot**: On August 25, the average price of A00 aluminum increased, and the premium decreased [18] - **Supply**: In July, the domestic electrolytic aluminum production increased year - on - year and month - on - month, and the proportion of molten aluminum decreased [19] - **Demand**: The downstream was in the transition stage between the off - season and the peak season, and the operating rates of some industries increased [19] - **Inventory**: The domestic mainstream consumption - area inventory increased, and the LME inventory decreased [20] - **Logic**: The market is facing supply - demand pressure, and it is expected to be volatile in the short term, with the main contract in the range of 20000 - 21000 yuan per ton [20] - **Operation Suggestion**: The main contract is expected to operate in the range of 20000 - 21000, and pay attention to the pressure level of 21000 [21] Aluminum Alloy - **Spot**: On August 25, the average price of aluminum alloy ADC12 increased [21] - **Supply**: In July, the production of recycled aluminum alloy ingots increased, and the operating rate increased. In August, it was expected to remain stable [21] - **Demand**: In July, the demand was under pressure, and the market trading activity decreased [21] - **Inventory**: The social inventory decreased slightly, and some areas' inventories were close to full [22] - **Logic**: The fundamentals showed marginal improvement, and the spot price was expected to be relatively stable. The main contract is expected to operate in the range of 19600 - 20400 yuan per ton [22] - **Operation Suggestion**: The main contract is expected to operate in the range of 19600 - 20400. If the short - term upward momentum of Shanghai aluminum is strong, it can be considered to participate in the arbitrage of long AD and short AL when the spread is above 500 [22] Zinc - **Spot**: On August 25, the average price of zinc ingots increased, and the downstream mainly made rigid - demand purchases [23] - **Supply**: The zinc ore supply was in a loose cycle, and the domestic refined zinc production increased significantly in July [23] - **Demand**: The spot premium was at a low level, and the operating rates of the three primary processing industries were at a seasonal low [24] - **Inventory**: The domestic social inventory increased, and the LME inventory decreased [24] - **Logic**: The supply - side is loose, and the demand - side is weak, but the decline of LME inventory provides support. The short - term zinc price is expected to be oscillating and slightly stronger [25] - **Operation Suggestion**: The main contract is expected to be in the range of 22000 - 23000, with a short - term view of oscillation [25] Tin - **Spot**: On August 25, the price of 1 tin increased, and the downstream mainly made rigid - demand purchases [25] - **Supply**: In July, the domestic tin ore import volume decreased, and the supply was difficult to improve in the short term [26] - **Demand and Inventory**: The operating rates of solder enterprises decreased, and the demand was expected to be weak. The LME inventory increased slightly, and the social inventory decreased [27][28] - **Logic**: Affected by the Fed's dovish stance, the tin price rose. It is necessary to pay attention to the recovery of tin ore imports from Myanmar [28] - **Operation Suggestion**: Maintain a wait - and - see attitude, with a short - term view of wide - range oscillation [28] Nickel - **Spot**: As of August 25, the average price of electrolytic nickel increased [29] - **Supply**: The production of refined nickel was at a relatively high level, and the monthly production was expected to increase slightly [29] - **Demand**: The demand for electroplating was stable, the alloy demand was good, the stainless - steel demand was general, and the demand for nickel sulfate was under pressure [29] - **Inventory**: The overseas inventory decreased, and the domestic social inventory and bonded - area inventory were relatively stable [30] - **Logic**: The macro - environment improved, and the cost had certain support. The price was expected to be adjusted within a range in the short term [31] - **Operation Suggestion**: The main contract is expected to be in the range of 118000 - 126000, with a short - term view of range oscillation [32] Stainless Steel - **Spot**: As of August 25, the price of 304 cold - rolled stainless steel increased, and the basis decreased [32] - **Raw Materials**: The price of nickel ore was relatively stable, the price of nickel iron increased slightly, and the price of ferrochrome was expected to be stable [32][33] - **Supply**: The estimated production of stainless - steel crude steel in August increased month - on - month [33] - **Inventory**: The social inventory decreased slowly, and the warehouse receipts increased [33] - **Logic**: The cost provided support, but the demand was weak. The short - term market was expected to be oscillating within a range [34] - **Operation Suggestion**: The main contract is expected to operate in the range of 12600 - 13400, with a short - term view of range oscillation [35] Lithium Carbonate - **Spot**: As of August 25, the spot price of lithium carbonate decreased, and the downstream mainly made purchases at low prices [35] - **Supply**: In July, the production of lithium carbonate increased, and the production in August was expected to increase. The supply was expected to contract [36] - **Demand**: The demand was relatively optimistic, and the demand in August was expected to increase [36] - **Inventory**: The overall inventory decreased, with the upstream inventory decreasing and the downstream inventory increasing [37] - **Logic**: The market was in a narrow - range oscillation, and the short - term price was expected to oscillate around 80,000 [38][39] - **Operation Suggestion**: Maintain a wait - and - see attitude, with a short - term view of range oscillation [39] Black Metals Steel - **Spot**: Futures prices rose, and spot prices followed. The steel billet price increased by 40 to 3120 yuan, and the prices of other steel products also changed accordingly [39] - **Cost and Profit**: The cost support was expected to weaken, and the steel profit declined this week [39] - **Supply**: The iron - element production increased year - on - year, and the steel production in August increased compared with July. There was a risk of inventory accumulation from August to September [39] - **Demand**: The overall demand for steel increased year - on - year, and the decline in demand in the off - season was not significant. The current overall apparent demand decreased [40] - **Inventory**: The inventory of the five major steel products increased this week, with the inventory of rebar increasing significantly [40] - **Viewpoint**: It is expected that the spread between rebar and hot - rolled coil will decline, and the steel price will remain oscillating at a high level. It is recommended to try long positions [40] Iron Ore - **Spot**: As of August 25, the spot prices of mainstream iron ore powders increased [41] - **Futures**: The iron ore futures contracts rose [41] - **Basis**: The basis of different iron ore varieties was calculated [42] - **Demand**: The daily average hot - metal production increased slightly, and the blast - furnace operating rate decreased slightly [42] - **Supply**: The global iron ore shipment volume decreased week - on - week, and the arrival volume decreased [42] - **Inventory**: The port inventory decreased slightly, the daily average port clearance volume decreased, and the steel mill's imported iron ore inventory decreased [42] - **Viewpoint**: It is recommended to buy at low prices unilaterally and recommend the 1 - 5 positive spread arbitrage [43] Coking Coal - **Futures and Spot**: The coking coal futures rebounded strongly, and the spot price was relatively stable [44][46] - **Supply**: The coal mine operating rate increased, and the inventory of some coal mines increased [44][45] - **Demand**: The coking plant operating rate increased slightly, and the downstream demand was stable, but the demand was expected to decline in late August [45][46] - **Inventory**: The overall inventory decreased slightly, with different inventory changes in different sectors [45][46] - **View，point**: It is recommended to buy at low prices for the 2601 contract and recommend the arbitrage of long coking coal and short coke [46] Coke - **Futures and Spot**: The coke futures rebounded strongly, and the seventh - round price increase of coke was implemented [47][48] - **Profit**: The average profit per ton of coke increased [47] - **Supply**: The coking plant operating rate increased due to the improvement of profits [47][48] - **Demand**: The hot - metal production was at a high level, but it was expected to decline in August [48] - **Inventory**: The coking plant inventory increased, the port inventory decreased slightly, and the steel mill inventory decreased [48] - **Viewpoint**: It is recommended to buy at low prices for the 2601 contract and recommend the arbitrage of long coking coal and short coke [48] Agricultural Products Meal - **Spot Market**: The prices of domestic soybean meal and rapeseed meal increased, and the trading volume of soybean meal decreased [50] - **Fundamentals**: There were changes in the soybean policies of Brazil and Argentina, and the EU's oilseed imports decreased [50][51] - **Market Outlook**: The cost provided strong support, and the long - term outlook was positive [49][52] Pig - **Spot Situation**: The spot price of pigs was weakly oscillating [53] - **Market Data**: The profit of pig breeding decreased, and the average slaughter weight increased [53][54] - **Market Outlook**: It is recommended to maintain a wait - and - see attitude, and it can be considered to lay out long positions in the far - month 01 contract below 14,000 [54][55] Corn - **Spot Price**: As of August 25, the spot prices of corn in different regions decreased [56] - **Fundamentals**: The grain inventory in Guangzhou Port increased, with the corn inventory increasing significantly [56] - **Market Outlook**: The short - term supply and demand of corn were loose, and the price was expected to be weakly oscillating. In the medium term, the price was expected to move down towards the new - season cost [57]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - A-shares continued their unilateral upward trend, with the liquor sector catching up, indicating market recognition of the market. Shanghai's real - estate policy adjustment sent a clear signal to support the real - estate market. The A - share trading volume reached 3.18 trillion yuan, the second - highest in history [2][23][26]. - In the bond market, although the expectation of loose monetary policy increased, caution was still recommended in the short term, and chasing high was not recommended [3][29]. - Steel prices oscillated. The increase in market risk appetite and strong coking coal prices supported steel prices, but there was still inventory accumulation pressure, limiting the upward movement [4][45]. - Zinc prices were expected to oscillate in the short term. Both domestic and overseas macro factors were positive, but the upward height of Shanghai zinc might be restricted by domestic fundamentals [5][74]. - PTA's short - term unilateral price was expected to be oscillating and slightly stronger. Considering the forced cancellation of 09 warehouse receipts, a 10 - 1 long - short spread strategy could be attempted at low levels [6][84]. 3. Summary According to the Catalog 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - US President Trump considered renegotiating the US - South Korea agreement and increasing purchases from South Korea. US new home sales in July were 652,000 units, slightly higher than expected. Gold prices oscillated and closed down. The market's expectation of the Fed's interest rate cut slightly decreased. In the long term, the Fed's interest rate cut space was limited. The dollar rebounded, putting pressure on gold prices. It was recommended to pay attention to the risk of correction in the short term [13][14][15]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Dallas Fed President Logan said the money market might face temporary pressure at the end of the quarter, but the Fed still had room to reduce the balance sheet. The meeting between Russian and Ukrainian leaders was not arranged, and the US dollar was expected to oscillate in the short term [16][18][19]. 3.1.3 Macro Strategy (US Stock Index Futures) - The market became more cautious before NVIDIA's earnings report, but with the support of interest - rate cut expectations, the market risk appetite remained high. The stock index was expected to be oscillating and slightly stronger in the near future [21][22]. 3.1.4 Macro Strategy (Stock Index Futures) - A - share trading volume reached a historical second - high, and Shanghai optimized real - estate policies. It was recommended to hold long positions in stock index futures [23][26][27]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 288.4 billion yuan of 7 - day reverse repurchase operations and 600 billion yuan of MLF operations. The bond market strengthened, but caution was still needed in the short term, and chasing high was not recommended [28][29][30]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Brazil's soybean exports in August increased year - on - year, and the good - quality rate of US soybeans rose. Domestic oil - mill soybean meal inventory increased. Soybean meal futures prices were expected to be oscillating and slightly stronger [31][32][35]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysian palm oil exports from August 1 - 25 increased by 10.89% year - on - year. It was recommended to buy on dips, focusing on the production recovery in Indonesia and Malaysia [36]. 3.2.3 Agricultural Products (Cotton) - Pakistan's new cotton listing volume decreased year - on - year, and India's cotton planting area growth slowed. China issued 200,000 tons of sliding - scale duty processing trade quotas. Zhengzhou cotton was expected to be oscillating and slightly stronger in the short term, but the market was not optimistic during the peak new - cotton listing period in the fourth quarter [37][38][41]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - Shanghai adjusted housing purchase restrictions. Steel prices oscillated. There was inventory accumulation pressure, and the release of terminal demand was expected to be slow. It was recommended to adopt an oscillating trading strategy [42][45][46]. 3.2.5 Black Metals (Steam Coal) - Coal exports from three ports in North Queensland decreased month - on - month in July. The daily coal consumption was at the end of the seasonal high, and coal prices entered a weak consolidation phase. It was expected that coal prices would oscillate between 650 - 700 yuan [47]. 3.2.6 Black Metals (Iron Ore) - The central bank adjusted Shanghai's personal housing loan interest rate policy. Iron ore prices oscillated. Steel mills in the north reduced production, but the impact on raw materials was limited. It was recommended to wait and see [48][49]. 3.2.7 Agricultural Products (Corn Starch) - Corn starch exports increased in July, but the over - capacity and weak - demand situation was expected to continue [50]. 3.2.8 Agricultural Products (Corn) - Corn prices showed different trends. Futures oscillated around 2150. It was expected that the 2150 support level might be broken. It was recommended to hold short positions and pay attention to the 11 - 3 reverse spread [50][52]. 3.2.9 Agricultural Products (Red Dates) - Xinjiang's red - date producing areas entered the sugar - increasing stage. Futures prices oscillated. It was recommended to wait and see, paying attention to weather changes [53][54][55]. 3.2.10 Non - Ferrous Metals (Polysilicon) - China's photovoltaic cumulative installed capacity increased from January to July, but the single - month new - installed capacity in July decreased. The price of polysilicon was expected to be between 49,000 - 57,000 yuan/ton in the short term and was expected to reach over 60,000 yuan/ton in the long term [56][57][58]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - Dongyue Silicon Materials' safety improvement project was filed. The inventory of industrial silicon was expected to change according to the resumption of production of large factories in Xinjiang. The short - term price was expected to be between 8200 - 9500 yuan/ton [59][60]. 3.2.12 Non - Ferrous Metals (Nickel) - The Shanghai Futures Exchange's nickel futures warehouse receipts decreased. The macro - environment was expected to be positive in the short term, but the nickel market was in a supply - surplus situation in the medium term. It was recommended to pay attention to short - term trading opportunities and medium - term short - selling opportunities [61][62][63]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - Pilbara Minerals' lithium concentrate production increased in the 2025 fiscal year. It was recommended to pay attention to buying on dips and long - short spread opportunities [64][65]. 3.2.14 Non - Ferrous Metals (Copper) - Marimaca Copper planned to acquire a sulfuric acid plant to reduce costs. US scrap - copper traders redirected shipments to avoid Chinese tariffs. Copper prices were expected to be slightly stronger in the short term, but the upward space was limited [66][67][69]. 3.2.15 Non - Ferrous Metals (Lead) - The LME lead spread was at a discount, and Henan restricted the entry of vehicles below the National V emission standard. Lead prices oscillated, and the supply - demand situation was weak. It was recommended to wait and see [70][71][72]. 3.2.16 Non - Ferrous Metals (Zinc) - The LME zinc spread was at a discount, and Bolivia's zinc concentrate production decreased. Domestic zinc inventory increased. Zinc prices were expected to oscillate in the short term. It was recommended to wait and see on the long - short side and pay attention to medium - term long - short spread opportunities [73][74]. 3.2.17 Energy and Chemicals (Liquefied Petroleum Gas) - The spot price in East China was stable, and the CP recommended price was announced. The PG domestic price was expected to be slightly stronger before the sentiment was digested, and attention should be paid to narrowing the PG - FEI spread [75][76][77]. 3.2.18 Energy and Chemicals (Asphalt) - Asphalt refinery inventory decreased, and social inventory remained flat. The asphalt market was in a fragile state, and it was recommended to wait and see [78][79]. 3.2.19 Energy and Chemicals (PX) - PX prices rose slightly. The short - term price was expected to be oscillating and slightly stronger, and it was recommended to buy on dips [80][81]. 3.2.20 Energy and Chemicals (PTA) - PTA spot prices declined, and the market was quiet. The short - term price was expected to be oscillating and slightly stronger, and a 10 - 1 long - short spread strategy could be attempted at low levels [82][84][85]. 3.2.21 Energy and Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong increased, and the downstream receiving sentiment was positive. The price was expected to be stable in the short term, and it was recommended to be cautious when chasing high [85][86]. 3.2.22 Energy and Chemicals (Pulp) - The imported wood pulp spot market was mostly stable. The pulp market was expected to oscillate [87][89]. 3.2.23 Energy and Chemicals (PVC) - The domestic PVC powder market price increased slightly. The PVC market was expected to oscillate in the short term [90]. 3.2.24 Energy and Chemicals (Urea) - The urea market was weak, and new orders were scarce. The 01 contract was expected to oscillate in the short - to - medium term [92][93]. 3.2.25 Energy and Chemicals (Bottle Chips) - Bottle - chip factory export quotes were mostly stable. Attention should be paid to the pressure on processing fees caused by device restart and new - capacity release [93][94]. 3.2.26 Energy and Chemicals (Styrene) - Styrene port inventory increased. Styrene was expected to be slightly stronger in September but might face inventory accumulation pressure in the fourth quarter. Attention should be paid to policy variables [95][96][97]. 3.2.27 Shipping Index (Container Freight Rate) - Maersk planned to invest $1 billion to develop Indian ports. The container freight rate was expected to continue to decline, and the 10 - contract was expected to test the support level of 1300 [98][99][100].