Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - For palm oil, the callback pressure caused by the expected inventory build - up in the producing areas is gradually being digested. Although there may be a callback window in September, going long on palm oil at low levels will be the main theme in the second half of the year. The price increase in the future depends on domestic macro - sentiment, the support of US soybean oil at 50 - 52 cents/lb, and India's finding additional import cost - effectiveness of palm oil [1][2]. - For soybean oil, before the fourth quarter, US soybean oil will mainly fluctuate in the range of 50 - 57 cents. There is a chance to go long on soybean oil after palm oil completes its bottom - seeking in September and the soybean import gap persists due to Sino - US trade issues. The soybean - palm oil spread will show a weak, range - bound performance when palm oil is not in a callback period [5][6]. 3. Summary by Relevant Contents Palm Oil - **Last Week's Situation**: The fundamental drivers were temporarily sufficient, and the market was gradually digesting the callback pressure caused by the expected inventory build - up in the producing areas. The 01 contract of palm oil fell 1.69% last week [1]. - **This Week's Fundamentals**: - **Supply Side**: In Malaysia, the rainfall in September may cause the monthly output to remain flat or decline, with an estimated output of 180 - 185 million tons, and August might be the peak of this year's output. In Indonesia, the refining profit and the Indonesia - Malaysia price spread increased this week. The inventory build - up in Malaysia from July to September slowed down significantly, and it is unlikely to exceed 2.3 million tons. Starting from September, Indonesia's inventory will reach the bottom, and the combined inventory of Indonesia and Malaysia will build up until October and then start to decline rapidly [2]. - **Demand Side**: In the European market, the demand for palm oil remains strong. In the Indian market, the import profits of crude soybean oil and crude sunflower oil are better than that of CPO, which will suppress India's palm oil imports to some extent. China's demand is the second target for the producing areas, but it is difficult for the soybean - palm oil spread to return above the par level to stimulate China's demand [2]. Soybean Oil - **Last Week's Situation**: The market's trading of the soybean shortage in the fourth quarter slowed down. The soybean oil market was in a high - level consolidation, and the upward momentum was insufficient. The 01 contract of soybean oil fell 0.93% last week [1]. - **This Week's Fundamentals**: - **US Market**: The policy optimism of US soybean oil was fully reflected in June. Before the fourth quarter, it will mainly fluctuate in the range of 50 - 57 cents. If the policies on import raw material subsidies are finalized, the policy negatives of US soybean oil will be exhausted, which will help reduce inventory [5]. - **Domestic Market**: The trend of the domestic soybean oil market depends on the smoothness of US soybean procurement. If the Sino - US trade negotiation fails to remove the obstacles for Chinese enterprises to purchase US soybeans, the upward trend of the domestic soybean oil market after the National Day is expected to be more obvious [5]. Market Data - **Futures Market**: The opening, high, low, and closing prices, as well as the trading volume, open interest, and their changes of palm oil, soybean oil, rapeseed oil, Malaysian palm oil, and CBOT soybean oil futures are provided. The price spreads and changes of some varieties are also given [8]. - **Fundamental Data**: Charts show the estimated production and inventory of Malaysian palm oil in September, the inventory level of Indonesian palm oil, the price spread between Indonesia and Malaysia, the price of fruit bunches in North Sumatra, Indonesia's refining profit, Malaysia's palm oil export volume, the POGO price spread, rainfall in Malaysia and Indonesia, India's palm oil import profit, the basis of palm oil and soybean oil, and the cumulative import volume of palm oil and four major oils in the EU [10][11][13][14].

Core Insights - The article highlights the success of the Tuniu millet industry in Tunliu District, Shanxi Province, which is significantly contributing to local farmers' income through modern agricultural practices and high-quality production [1][4]. Group 1: Industry Overview - Tuniu millet is recognized for its unique quality, characterized by a rich flavor and soft texture, which has led to its reputation as a "golden industry" for local farmers [1]. - The ecological conditions in the region, including mineral-rich red soil and abundant water resources, contribute to the superior quality of Tuniu millet [1]. Group 2: Company Initiatives - Xishan Agricultural Comprehensive Development Co., Ltd. is a leading local enterprise that has modernized millet processing with advanced equipment, ensuring uniform quality and purity in the final product [2]. - The company employs a "company + base + farmer" model, which has resulted in stable growth in production value and increased employment for local villagers, with over 768 households benefiting from this collaboration [4]. - The millet products are gaining popularity across the country, with a primary market focus on Beijing [4].

Group 1 - The China-Europe Railway Express (Warsaw-Zhengzhou) launch ceremony took place in Warsaw, Poland, on September 8, marking a significant step in enhancing trade and cooperation between China and Poland [3][4] - The visit by the Henan delegation, led by Liu Ning, aims to deepen practical cooperation and cultural exchanges, contributing to the high-quality development of the Belt and Road Initiative [3][4] - Liu Ning emphasized the potential for collaboration in logistics, advanced manufacturing, and cultural exchanges between Henan and Mazovia Province, highlighting the strong industrial foundation of Mazovia [4] Group 2 - A three-year cooperation action plan (2025-2028) was signed between Henan Province and Lublin Province, focusing on agricultural cooperation and international logistics [5] - The agreement includes collaborations between Henan Agricultural Academy and Lublin University of Life Sciences, as well as Henan Agricultural University and Lublin University of Life Sciences [5] - Liu Ning expressed the intention to enhance cooperation in agricultural product trade, air freight, high-tech industries, and cultural education [5] Group 3 - Liu Ning met with officials from the Carpathian Voivodeship to explore new cooperation channels, focusing on agricultural processing, technology research, and cultural tourism [6][7] - The discussions included organizing food exhibitions, investment trade fairs, and cultural promotion events to strengthen business ties [7] - The Carpathian region is recognized for its growth potential and natural resources, presenting opportunities for collaboration [7] Group 4 - Liu Ning held discussions with the Deputy Governor of Silesia Province, focusing on economic, investment, and technological cooperation [8] - The meeting highlighted the potential for collaboration in energy, mining, high-end equipment manufacturing, and digital economy [8] - Silesia Province expressed interest in participating in the 15th China Henan International Investment and Trade Fair, aiming to enhance cooperation in green development and healthcare [8]

Core Viewpoint - The company, Jinjian Rice Industry, announced a capital increase for its wholly-owned subsidiary, Hunan Agricultural Development Jinjian International Trade Co., Ltd., to optimize its financial structure and enhance its credit rating and financing capabilities [2] Group 1: Company Actions - The capital increase will raise the registered capital of Jinjian International Trade from RMB 10 million to RMB 100 million [2] - After the capital increase, the company will directly hold 99% of Jinjian International Trade and indirectly hold 1% through its wholly-owned subsidiary, Hunan Jinjian Rice Marketing Co., Ltd., maintaining a total ownership of 100% [2] Group 2: Strategic Objectives - The purpose of the capital increase is to improve operational efficiency, ensure the stability of the company's integrated industrial chain, and enhance supply chain resilience [2] - The company aims to strengthen its market competitiveness and strategic support capabilities, leveraging the role of state-owned enterprises in stabilizing prices and ensuring supply [2]

Core Viewpoint - The article highlights the successful collaboration between the local agricultural industry, specifically the chili pepper production, and the power supply company, which ensures stable electricity for processing, thereby supporting rural revitalization and economic growth in the region [1][3][5]. Group 1: Agricultural Development - The chili pepper industry in Gaocun Village, known as "the first chili village in North China," has become a pillar of the local economy, significantly contributing to farmers' income [3]. - The area is expected to have over 80,000 acres of chili pepper planted by 2025, with a substantial increase in production and processing demand [3]. Group 2: Power Supply Support - The State Grid Xinfeng District Power Supply Company provides essential electricity support for the chili processing industry, which is crucial for operations from sorting to packaging [3][5]. - The company implements a tailored power supply plan for processing enterprises, ensuring a 24-hour emergency response mechanism to maintain uninterrupted electricity during the peak processing season [3][5]. Group 3: Economic Impact - The stable power supply not only facilitates the production of high-quality chili sauce but also embodies the hope for rural revitalization, allowing farmers to realize the value of their harvest [5]. - The collaboration between the power supply company and agricultural enterprises is seen as a model for driving industrial growth and enhancing farmers' prosperity [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For rapeseed oil, it is recommended to take a bullish approach and pay attention to the China - Canada talks. The market will be affected by factors such as the harvest of Canadian rapeseed, the anti - dumping measures of China, the policy adjustment of US renewable fuels, and the domestic supply - demand situation [8][9]. - For rapeseed meal, a bullish mindset is recommended, focusing on China - US and China - Canada economic and trade relations. The market is influenced by factors like the weather in the US soybean - producing areas, the USDA report, domestic supply and demand, and trade relations [12][13]. 3. Summary According to the Directory 3.1. Weekly Key Points Summary Rapeseed Oil - Strategy: Participate with a bullish bias and monitor China - Canada talks [8]. - Market review: This week, rapeseed oil futures fluctuated slightly up. The closing price of the 01 contract was 9,857 yuan/ton, an increase of 39 yuan/ton compared with the previous week [9]. - Market outlook: Canadian rapeseed is in the harvest period with a bumper harvest. China's anti - dumping measures may pressure Canadian rapeseed prices. The US policy on renewable fuels affects the domestic vegetable oil market. Domestically, consumption is weakly boosted, but low refinery operation rates and limited near - month purchases reduce supply pressure [9]. Rapeseed Meal - Strategy: Adopt a bullish mindset and focus on China - US and China - Canada economic and trade relations [12]. - Market review: This week, rapeseed meal futures fluctuated slightly down. The closing price of the 01 contract was 2,531 yuan/ton, a decrease of 19 yuan/ton compared with the previous week [13]. - Market outlook: Good weather in the US soybean - producing areas ensures high yields, but a decrease in planting area supports prices. Domestically, near - month rapeseed arrivals are low, and aquaculture boosts demand, but soybean meal substitution weakens the demand for rapeseed meal [13]. 3.2. Futures and Spot Market Futures Price Movement - Rapeseed oil futures fluctuated slightly up this week, with a total open interest of 291,134 lots, an increase of 41,874 lots compared with last week. Rapeseed meal futures closed lower with a total open interest of 402,900 lots, an increase of 6,326 lots compared with the previous week [19]. Top 20 Net Positions - The top 20 net positions of rapeseed oil futures changed from net short to net long this week, reaching +19,239. The top 20 net positions of rapeseed meal futures changed from net long to net short, reaching - 16,117 [25]. Futures Warehouse Receipts - The registered warehouse receipts of rapeseed oil were 8,302 lots, and those of rapeseed meal were 10,383 lots [31]. Spot Price and Basis - The spot price of rapeseed oil in Jiangsu was 10,130 yuan/ton, slightly rebounding from last week. The basis between the active contract and the Jiangsu spot price was +273 yuan/ton. The rapeseed meal price in Nantong, Jiangsu was 2,570 yuan/ton, with little change from last week, and the basis was +39 yuan/ton [37][43]. Futures Inter - monthly Spread - The 1 - 5 spread of rapeseed oil was +361 yuan/ton, at a medium level in recent years. The 1 - 5 spread of rapeseed meal was +125 yuan/ton, also at a medium level in recent years [51]. Futures - Spot Ratio - The ratio of rapeseed oil to rapeseed meal for the 01 contract was 3.89, and the average spot price ratio was 3.94 [55]. Spread between Rapeseed Oil and Other Oils/Meals - The 01 contract spread between rapeseed oil and soybean oil was 1,535 yuan/ton, and the spread between rapeseed oil and palm oil was 561 yuan/ton, both expanding this week. The 01 contract spread between soybean meal and rapeseed meal was 548 yuan/ton, and the spot spread was 400 yuan/ton as of Thursday [64][70]. 3.3. Industrial Chain Situation Rapeseed - Supply: As of September 5, 2025, the total rapeseed inventory in refineries was 100,000 tons. The estimated rapeseed arrivals in September, October, and November 2025 were 195,000 tons, 130,000 tons, and 450,000 tons respectively. The spot crushing profit of imported rapeseed was +1,203 yuan/ton as of September 11. The rapeseed crushing volume in coastal refineries in the 36th week of 2025 was 49,000 tons, an increase of 1,000 tons from last week, with an operation rate of 11.99%. In July 2025, China's rapeseed imports were 176,000 tons, a year - on - year decrease of 56.63% and a month - on - month decrease of 0.85 tons [76][80][84][88]. Rapeseed Oil - Supply: As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed oil inventory was 708,000 tons, a month - on - month decrease of 4.01%. In July 2025, rapeseed oil imports were 133,600 tons, a year - on - year increase of 16.86% and a month - on - month decrease of 16,700 tons [93]. - Demand: As of June 30, 2025, the monthly output of edible vegetable oil was 476,900 tons. As of July 31, 2025, the monthly catering revenue was 450.41 billion yuan. As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed oil contract volume was 77,000 tons, a month - on - month decrease of 44.65% [97][101]. Rapeseed Meal - Supply: As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed meal inventory was 19,000 tons, remaining flat compared with last week. In July 2025, rapeseed meal imports were 183,100 tons, a year - on - year decrease of 3.00% and a month - on - month decrease of 87,200 tons [105][109]. - Demand: As of July 31, 2025, the monthly output of feed was 2,827,300 tons [113]. 3.4. Options Market Analysis - As of September 12, this week, rapeseed meal closed lower, and the corresponding option implied volatility was 21.39%, a decrease of 0.14% compared with the previous week, at a slightly high level compared with the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [117].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605198 | 安德利 | 42.38 | -7.16% | 4.41万 | 2006"F | | 000972 | *ST中基 | 4.75 | -5.00% | 6.13万 | 2911.99万 | | 300138 | 晨光生物 | 13.09 | -2.53% | 10.69万 | 1.41亿 | | 300999 | 金龙鱼 | 33.19 | -1.92% | 10.30万 | 3.44亿 | | 603231 | 索宝蛋白 | 18.97 | -1.66% | 3.68万 | 7000.00万 | | 003030 | 祖名股份 | 19.47 | -1.57% | 1.09万 | 2125.63万 | | 000930 | 中粮科技 | 6.23 | -1.27% | 11.35万 | 7080.19万 | | 002286 | 保龄宝 | 10.44 | -1.14% | 6.01万 | 6280.49万 | | 832023 ...

Group 1 - The resignation of Zou Hao became effective on September 5, due to personal career development reasons, and he will no longer hold any position in the company to focus on other business activities [2] - Executive Director Wang Bing has been appointed as the authorized representative following Zou Hao's resignation [2] - October Rice Field confirmed that Zou Hao has no disagreements with the board and there are no other matters related to his resignation that need to be brought to the attention of shareholders and the stock exchange [2]

Core Viewpoint - The strategic cooperation between Xue Tian Salt Industry Group and Tang Ren Shen Group marks the beginning of a comprehensive partnership aimed at enhancing public health through innovative and high-quality food products [1][3]. Group 1: Xue Tian Salt Industry - Xue Tian Salt Industry adheres to the core value of "innovation as the source, quality as the soul," focusing on developing healthy salt products such as ecological salt and low-sodium salt [3]. - The company has established three major business segments: salt and food, salt chemicals, and new energy materials, with the salt chemical segment having a production capacity of over one million tons [3]. - Xue Tian Salt Industry aims to enhance public health awareness through various initiatives, including academic forums and event collaborations [3]. Group 2: Tang Ren Shen Group - Tang Ren Shen Group has evolved from a small feed factory to one of China's top 500 private enterprises over 38 years, with a projected output value of 30.8 billion yuan in 2024 [4]. - The group focuses on agricultural development, emphasizing technological advancement and talent-driven growth to standardize and scale agricultural production [4]. - Tang Ren Shen Group aims to meet the growing demand for high-quality food products in the trillion-yuan food market by producing eco-friendly raw materials [4]. Group 3: Collaboration Goals - The two companies will collaborate on sodium-reduced product development, joint brand promotion, market expansion, and food packaging innovation [4]. - The partnership seeks to integrate Xue Tian's health salt technology and industry resources with Tang Ren Shen's quality control, food development, and channel operation expertise [4]. - The collaboration aims to create a healthy food ecosystem from raw materials to the dining table, contributing to the "Xiang Zhi Xing Xiang" strategy in Hunan Province and promoting high-quality development through shared growth [4].

Report Industry Investment Ratings No information provided on industry investment ratings in the report. Core Views of the Report - The crude oil market is under medium - term surplus pressure, with the trading logic switching between this pressure and short - term geopolitical fluctuations, and the rebound space is increasingly limited. For strategies, a combination of previous high - level short positions and out - of - the - money call options is recommended [2]. - The precious metals market may remain strong before the Fed's September meeting, but caution is needed due to increased volatility after continuous rises [3]. - Various metal markets, including copper, aluminum, zinc, etc., have different trends based on factors such as supply - demand, inventory, and macro - economic data. For example, copper has short - term upward space but limited, while aluminum is testing the resistance level [4][5]. - In the chemical product markets, such as polycrystalline silicon, industrial silicon, etc., they are mostly in a state of shock, affected by factors like supply - demand, policy, and cost [11][12]. - The steel and iron ore markets are influenced by factors such as supply - demand, inventory, and policy. For example, steel prices are in a weak shock, and iron ore is expected to fluctuate at a high level [13][14]. - In the agricultural product markets, including soybeans, corn, etc., the market trends are affected by factors such as weather, supply - demand, and trade policies. For example, soybeans may continue to fluctuate in the short - term, and corn may be strong before the new grain harvest and then weak [35][39]. - The livestock and poultry markets, such as pigs and eggs, are affected by factors such as supply - demand, policy, and production capacity. For example, the pig market is under supply pressure, and the egg market may see a change in production capacity in the fourth quarter [40][41]. - The financial markets, including stocks and bonds, are affected by factors such as macro - economic data, policy, and geopolitical situations. For example, the A - share market had a significant rise, and the bond market is in an adjustment phase [47][48]. Summary by Related Catalogs Energy - **Crude Oil**: Overnight international oil prices fell, with Brent's November contract down 1.9%. The IEA's September report shows an increase in supply surplus, and the pressure is expected to be concentrated in the fourth quarter and the first quarter of next year. The trading strategy combines high - level short positions and out - of - the - money call options [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: This week, FU warehouse receipts decreased by 6800 tons in total, and FU is relatively stronger due to geopolitical premiums [20]. - **Liquefied Petroleum Gas**: The international market is strong due to strong procurement demand in India and East Asia. In China, the import cost supports the domestic market, and it is expected to run strongly against oil in the short - term, but the futures market is limited by high - volume warehouse receipts and will run in a shock [22]. - **Urea**: Urea daily production has decreased slightly, agricultural demand is in the off - season, and inventory is high. Exports are progressing, but the supply - demand is still loose, and the market will remain weak in the short - term [23]. - **Methanol**: The methanol market continues to fluctuate at a low level. Port inventories are increasing, and the near - term reality is weak. However, with the increase in the load of coastal MTO plants and pre - holiday downstream stocking, the market is expected to stabilize in a shock [24]. Metals - **Precious Metals**: The US August CPI data met expectations, and the initial jobless claims reached a four - year high, strengthening the Fed's interest - rate cut expectation. Precious metals may remain strong before the September meeting, but caution is needed due to increased volatility [3]. - **Base Metals** - **Copper**: Overnight, copper prices continued to rise. The US CPI increase and labor market data boosted the Fed's interest - rate cut expectation, and the dollar weakened. Domestic copper consumption and the upward range are sensitive to economic indicators. There is short - term upward space but limited [4]. - **Aluminum**: Overnight, Shanghai aluminum was strongly volatile, approaching the 21,000 - yuan mark. Downstream开工率 has seasonally increased, and inventory is likely to be low this year. It will continue to test the 21,000 - yuan resistance [5]. - **Zinc**: The US PPI boosts the Fed's September interest - rate cut expectation, and LME low inventory drives the external market to rebound, pulling up the domestic market. Domestic mine TC has decreased, and short - term prices are supported. However, the supply - demand situation of supply increase and demand weakness remains unchanged, and it will fluctuate slightly above 22,000 yuan/ton [8]. - **Lead**: Refinery maintenance has increased, and inventory has decreased. However, consumption is weak, and the rebound is limited. The domestic market is stronger than the overseas market, and the inflow of overseas low - price goods restricts the rebound space. The cost of recycled lead provides support, and the market is in a wait - and - see state [9]. - **Tin**: Overnight, tin prices rose, and the key support was held this week. Overseas, LME inventory is increasing, and the position concentration is high. In China, attention is paid to social inventory changes. A small number of low - level long positions can be held based on the MA60 line [10]. - **Ferroalloys** - **Silicon Manganese**: The iron water volume has recovered, and the output of silicon manganese has increased. The inventory has not increased, and the demand for futures and spot is good. The long - term manganese ore is expected to accumulate inventory, and attention should be paid to the continuation of relevant policies [17]. - **Silicon Iron**: The iron water volume has recovered, and the supply of silicon iron has increased significantly. The demand is fair, and the inventory has decreased slightly. Attention should be paid to the continuation of relevant policies [18]. Chemicals - **Polycrystalline Silicon**: The main contract of polycrystalline silicon slightly reduced positions and closed up. The market is in a re - balancing stage dominated by capital game. The spot price is stable, and the prices of batteries and components are rising. The market is under pressure and will run in a shock [11]. - **Industrial Silicon**: The main contract of industrial silicon reduced positions and closed up. There is an expectation of eliminating high - power - consumption and low - efficiency production capacity, but the actual effect remains to be seen. The supply is expected to increase by 5% in September, and the demand from downstream industries is expected to decline. It will run in a shock in the short - term [12]. - **PVC & Caustic Soda**: PVC is in a narrow - range shock. The supply is high, the demand is weak, and the inventory is at a new high. The cost support is not obvious, and the price may fluctuate weakly. Caustic soda is in an intraday shock. The inventory has decreased, the spot performance is differentiated, and it will run in a wide - range shock [28]. - **PX & PTA**: Affected by the decline in oil prices, PX and PTA prices have weakened. PX short - process efficiency is good, but the output growth is limited. PTA is in a continuous de - stocking process, but the processing margin and basis are weak. The terminal demand is improving, and attention should be paid to the downstream stocking before the holiday and the polyester load - increasing rhythm [29]. Agricultural Products - **Soybeans & Soybean Meal**: The US soybean drought area has expanded, and the US soybean price has risen slightly. The domestic soybean meal futures are in a range shock, and the spot is slightly weak. The supply in the fourth quarter is generally stable, but there may be a supply gap in the first quarter of next year. The market will continue to fluctuate in the short - term, and a low - long strategy is recommended [35]. - **Soybean Oil & Palm Oil**: The prices of Malaysian palm oil and US soybean oil have stopped falling and rebounded. The market is waiting for the US Department of Agriculture's supply - demand report. The domestic situation is weak, but in the medium - long term, there is a supporting effect, and a low - long strategy can be considered [36]. - **Rapeseed Meal & Rapeseed Oil**: The prices of North American oilseeds are under pressure, and the domestic rapeseed oil and rapeseed meal demand is lackluster. The futures prices may rise slightly in a shock in the short - term, affected by the expectation of tight imports [37]. - **Corn**: Corn futures are in a narrow - range shock. The supply in Shandong is loose, and the price has decreased. The supply in Northeast China is strong, and the price has increased. Corn may continue to fluctuate strongly before the new grain harvest and then weaken [39]. - **Livestock and Poultry** - **Pigs**: Pig futures are weakly fluctuating, and the spot price has stabilized. There is a supply pressure in the second half of the year, and the policy of transportation is tightening. The current main contract price has fallen close to the initial level, and a wait - and - see attitude is recommended [40]. - **Eggs**: Egg futures are fluctuating, and the spot price is rising. It is in the seasonal rebound window. The industry has a high - inventory problem, and the production capacity needs to be deeply reduced. For the far - month contracts in the first half of next year, long positions can be considered, while attention should be paid to the exit of short - position funds in the near - month contracts [41]. Others - **Shipping**: The main shipping companies have continuously lowered their quotes, and the market freight rate has declined. The near - month contract has turned into a premium structure, and the spot price is approaching the cost line. The 10 - contract is expected to continue to correct downward, and the market will be under pressure in the short - term [19]. - **Stock Index**: A - shares had a significant rise, and the index futures also rose. The market is in a critical geopolitical stage, and the market style temporarily maintains an overweight of the technology - growth sector, and the Hang Seng Technology Index can also be considered [47]. - **Treasury Bonds**: Treasury bond futures continue to adjust. Affected by the policy expectation of the third - stage fee reform of public funds, the market redemption pressure has increased. The yield of 10 - year treasury bonds may compete at the 1.8% mark, and the yield curve is expected to steepen [48].